The government of Bermuda is working on a bill that legalizes the conduct of the initial coin offering (ICO) campaigns and will attract foreign financial companies to the region.
Presenting earlier this week, the finance minister of Bermuda, David Burt said that Bermuda has a chance to set an example for other countries in the ICO.
“Bermuda has the opportunity to become a world leader in the field of fintech. It will become one of the first countries in the world to regulate the ICO. The proposed regulatory framework will give legislative certainty to companies that want to conduct ICO, “he said.
The new rules of regulation involve changes in the Companies Act 1981 and the Companies Limited Law Act 2016. The text of the bill is classified by the ICO as “limited entrepreneurial activity”. However, companies that conduct tokens sell companies will have to comply with other existing laws of the territory, for example, the Securities Act.
In addition, before the launch of the ICO, companies will need to obtain the consent of the Minister of Finance, and their applications must meet the minimum requirements. This includes “mandatory disclosure of certain information about the company, digital assets that are offered for sale, and the right of the buyer to assist the public in making informed decisions on participation in any proposed ICO.