Eternity Law International — News — REGULATION OF CRYPTOCURRENCY ON BERMUDA

REGULATION OF CRYPTOCURRENCY ON BERMUDA

Published:
August 3, 2018

As it became known, David Bert, Ministers of Bermuda demonstrated in the parliament a preliminary bill that regulates electronic currencies in Bermuda (ICO or PRT).

For those companies whose specific work is related to finance, some activities other than traditional financing are offered as financing for ICO. This: the issuance of commercial loans, investing start-ups, as well as primary public offerings.

ICO ACTIVITIES AND A NEW BILL

Eternity Law International is aware of the fact that the Bermuda authorities recommend that the bill consider the Initial coin offering as a business direction with certain restrictions, for the conduct of which the consent of the Ministry of Finance is provided.

FOR THIS SHOULD BE:

  • submit data about the organizer of primary placement of tokens;
  • to characterize the elementary figures of assets (as proposed by ICO);
  • indicate the sum of deposits intended for these purposes;
  • provide information on options for collecting and storing information about the buyer, as well as methods for recording and verifying Initial coin offering transfers.

The bill provides smallest templates for identifying information that applies to all ICOs. They contain information about the issuing company and its digital data, which are planned to be put up for sale.

The new law will facilitate the work of already existing regulations, as well as the law related to the regulation of business activity in securities in Bermuda.

Eternity Law International believes that the government of Bermuda will carefully study a number of issues associated with digital assets due to the fact that it is quite risky to deal with cryptocurrencies.

However, the industry is developing rapidly, and the island state, using this innovation, will be able to attract interested enterprises and new invested capital.

Such a step will give an impetus to the growth of state revenues and will open new horizons for citizens of Bermuda in the field of employment and professional development.

Contact our consultant for detailed advice.

You could be interested

Crypto license in Georgia 2023

Introduction The world of cryptocurrencies continues to evolve rapidly, revolutionizing various industries and capturing the attention of investors worldwide. In this transformative field, governing  frameworks play a vital role in ensuring the integrity and stability of digital asset markets. Among the jurisdictions actively embracing this paradigm shift, getting a crypto license in Georgia has emerged...

The regulation of investment funds in Luxembourg

A Specialized Investment Fund (SIF) is a structure that can invest in a wide range of assets. It normally qualifies as Alternative Investment Fund (AIF) and can be offered to qualified financial investors. Eternity Law International offers investment fund in Luxembourg for sale and can also provide services of formation of investment fund in Luxembourg...

Crypto license in Denmark

Crypto-business in Denmark enjoys a favorably-developed environment as there’re plenty of cryptocurrency exchanges and there aren’t restrictions on exchange and vending of virtual funds. Nevertheless, national legislative basis doesn’t provide specific rules to control this market-niche. Danish authorities allow usage of Bitcoin and other crypto-currencies as payment means, assets or goods, although crypto-currencies aren’t not...

Asset management license in Estonia

In finance, funds supervision and controlling have an essential and complex role. Individuals or organizations involved in management of investments and securities portfolios are charged with responsibilities requiring a highly-leveled professional background and correspondence with legally-set norms. Getting appropriate operating permits becomes a key step. Our team specializes in professional assistance in establishing and launching...

Payment system in Europe

Payment system in Europe – recently the European market has become more and more attractive for entrepreneurs. It is clear that in order to feel comfortable here, it is necessary, first of all, to find out which payment system is popular in Europe. WHICH PAYMENT SYSTEMS ARE TRADITIONAL FOR EUROPE Europeans, regardless of their place...

The entry of foreigners to Ukraine

The entry of foreigners into Ukraine in accordance with the prescribed standards of Ukraine and the state – the homeland of the immigrant. In addition, border crossing rules depend on the purpose of visiting Ukraine. RESIDENCE IN UKRAINIAN TERRITORY Until 2012, the nuances regarding the entry and residence of persons of foreign origin were regulated...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof
+41 435 50 73 23

Kyiv

Baseina street, 7
+38 094 712 03 54

London

Grosvenor Gardens, 52
+44 203 868 34 37

Washington

1629 K St. Suite 300 N.W.
+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A
+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19
+372 880 41 85

Edinburgh

Lochrin Square, 1
+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor
+371 665 550 51

Riga

Esplanade, 7 floor
+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai
+852800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard
+6531594300

Sydney

20 Martin Place
+61 2 888 00 365

Porto

2609 Avenida da Boavista
+351 800 500 206 Toll Free
Calls are made only from Portugal

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7
+995706070360