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.

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