During a recent House Assembly which took place on March 16, the Premier and Minister of Finance, David Burt, spoke about Initial Coin Offerings (ICOs) in Bermuda and the plans in place to regulate them. Premier Burt stated that due to the increase in the cryptocurrency market throughout the years, governments worldwide are now working hard to stay on the same page as the ever growing market.
The proposed Bill would make amendments to the Companies Act 1981 and the Limited Liability Company Act 2016 by requiring that all businesses seeking to use ICOs must acquire permission from the Minister of Finance prior to being used along with disclosures of specific information pertaining to the business, assets through the use of ICOs and rights of the buyer in order to provide the public information as to whether or not they want to participate in any ICOs in the future. ICOs would also be subject to existing laws including the services offered with ICOs and security laws. Premier Burt also acknowledged the concerns of some businesses pertaining to the use of cryptocurrencies, but added that this was an opportunity for Bermuda to become a potential world leader in Fintech as well as the first country to regulate ICOs.
After the government meets for the consultation of the Bill, Premier Burt plans on also asking Parliament to meet as soon as possible in order to discuss other legislations in regards to ICOs. He added that, “There is a clear opportunity for the Government to encourage the growth of a new industry in Bermuda and to enhance our regulatory environment at the same time. We will not stand in the shadows and watch it pass us by.”
For the full article, click here.