Bermuda Government to Introduce New Regulations on ICOs, Address ‘Legal Ambiguity’

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The Premier added that Bermuda has developed a legal environment “expeditiously” that addresses the “legal ambiguity” plaguing the fintech and blockchain industries. The Premier and Minister of Finance of Bermuda David Burt introduced new regulations on initial coin offerings (ICOs) speaking before the House of Assembly, the Royal Gazette news reports July 13. Burt said that a new Binance “global compliance base” would create 40 new jobs, 30 of which would go to Bermudians. After local banks refused to offer services to blockchain companies, the government consulted with them to create the new classification. The new regulatory regime sets visible boundaries for blockchain and crypto-related businesses and protects the rights of their existing and potential clients.

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The Premier and Minister of Finance of Bermuda David Burt introduced new regulations on initial coin offerings (ICOs) speaking before the House of Assembly, the Royal Gazette news reports July 13. The regulatory framework describes minimum required information for ICO projects and establishes compliance measures for companies to conduct an ICO.

Addressing the lower house of the Bermudian Parliament, Burt outlined regulations that would require Bermudian ICO issuers to provide detailed information about “all persons involved with the ICO.” Issuers must also disclose a review of the project, including such key aspects as the product or service, the market audience, financing system, the amount of money that is planned to be raised, and technical aspects...

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