Bermuda intends to Become the First Country to Regulate ICOs
A year ago, Bermuda’s Premier and Finance Minister, David Burt, launched the Blockchain Task Force. It incorporates a Legal and Regulatory Working group which would guarantee that the nation makes a blockchain friendly environment for the intrigued organization and start-ups. Four months later, David Burt has approached with another drive to make sure Bermuda regulates ICO’s for the first time in blockchain history.
In a report published on the official website, a bill was proposed before the parliament. David Burt spoke about blockchain-related improvements worldwide as well as criminal activities recorded in these areas. He noticed that despite these violations existed, the technology behind the upgrades could undoubtedly disturb “traditional methods.” It is the reason it is vital for the government to provide a legal framework. It will guarantee that individuals will stay in their limits of the specified regulations while growing in their projects.
The report says:
“ICOs have been used to improve enduring product and service offerings and to develop and execute new ones, all without the added costs and difficulties of having to hire costly middlemen to arrange transactions. Bermuda has an opportunity to become a global leader in the Fintech space by being one of the first countries in the world to specifically regulate ICOs. “
ICO: Restricted Business Activity
A statement will be drafted by making a couple of changes in the existing Bermuda laws. The finance minister will give authorization to ICOs, only then they will be permitted to operate legally. To pass this step, ICOs must provide data on people taking care of the project, roadmaps, upcoming product development, hard cap or soft cap and information of the digital currency, among others.
While countries have either prohibited such activities or forced strict rules, David Burt suggests that Bermuda must forget its “comfort zone” and welcome technological advancement in its land. The nations parliament is needed this issue immediately.
Nonetheless no date has been determined in the report. Towards the end, Burt accentuated the opportunities set down by blockchain industry, “We will not stand in the shadows and watch it pass us by.”