By Company Registrations Worldwide, 22nd May 2018
Bermuda is drafting crypto regulation in an effort to become one of the first countries to properly regulate Initial Coin Offering (ICO). The draft bill encompasses a huge spectrum of blockchain or crypto-related activities taking a measured approach to regulating the complex industry. ICOs are to be recognised as “restricted business activities” and the proposed bill would require issuers to apply and obtain consent from the Minister of Finance before commencing trade.
This application process would require:
- Disclosure of company information
- Information about the digital assets to be issued
- Assisting the public to make informed decisions about participating
- Purchaser rights
The Bermuda Monetary Authority has asked that all cryptocurrency exchanges, fintech firms and those involved in crypto-related activities, properly complete know-your-customer (KYC) operations. The rules of KYC are in place to combat all the illegal activities that use digital currencies.
Bermuda’s ‘first to market’ crypto regulations could set them up as a global leader in the fintech space.
If you would like more information about establishing a cryptocurrency company in Bermuda, please contact the experts at Company Registrations Worldwide on +353(0)1 687 4518 or click here.