The Government of Bermuda has introduced new regulations on Initial Coin Offerings (ICOs), local news outlet the Royal Gazette reported on Friday.
Speaking before the island’s House of Assembly, the Premier and Minister of Finance of Bermuda David Burt revealed that the new regulatory framework specifies the minimum required information for ICO projects and establishes compliance measures for companies to conduct an ICO.
Under the new rules, ICO issuers must provide information about everyone involved in the project and disclose a review of the product or service, the market audience, the financing system, the amount of money that is planned to be raised, as well as the technical aspects associated with its software and blockchain specifications.
Burt also stated that a set of new bills will be tabled before the end of summer, enhancing Bermuda’s existing laws against money laundering and terrorism. The premier added that Bermuda has developed a legal environment “expeditiously” that addresses the “legal ambiguity” plaguing the FinTech and blockchain industries.
Bermuda’s efforts to lead in the crypto world
Bermuda, a self-governing British offshore territory, is making an effort to position itself as a prime blockchain destination, facing the competition of Singapore, Switzerland, Gibraltar, the Bahamas, the British Virgin Islands and the Cayman Islands.
Last year, the Bermudian government launched a Blockchain Task Force to ensure that the country creates a blockchain-friendly environment for interested organizations and start-ups. In April, the government passed an ICO Bill and Digital Asset Business Act in response to “market demand”. In addition, Binance, the world’s largest cryptocurrency exchange platform by market capitalization, has recently signed a deal with the Bermudian government, which involves a $15 million crypto investment in the country.
Earlier this month, Bermuda also announced plans to introduce a new class of banks to better accommodate the growing tech industries. At the time of the announcement, Burt praised FinTech for its ability to “quickly lay a foundation for growth, respond to emerging trends and preserve a reputation for sound management in the process”. “For countries it is no different, Bermuda must be nimble or we will be left behind,” the premier noted.