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Last year, Bermuda's prime minister and finance minister, David Burt, launched the Blockchain Task Force. It included a legal and regulatory working group that would ensure that the country creates a blockchain-friendly environment for interested organizations and startups. Four months later, Burt proposed another initiative: to ensure that Bermuda regulates ICOs for the first time in the history of the blockchain
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In a statement posted on the official website, a bill was proposed in parliament. Burt talked about blockchain developments around the world as well as criminal activity in these areas. He noted that even if these violations existed, the technology behind developments could easily disrupt "traditional methods". That is why it is important that the government provide a legal framework. He will ensure that people stay within the specified regulations while making progress in their projects.
"Country offices have been used to improve existing product and service offerings and to develop and implement new ones, without the additional costs and burdens of having to incur costly middlemen to organize transactions … world leader in the Fintech space by being one of the first countries in the world to specifically regulate ICOs. "
OIC: Restricted Business Activity
A bill will be drafted with some modifications to the existing laws of Bermuda. The Minister of Finance will grant permission to ICOs, only then will they be allowed to operate legally. To pass this step, country offices should provide information on project staff, roadmaps, future product development, rigid ceilings or soft caps and details of the digital asset, between other.
While countries have either banned such activities or imposed strict rules, Burt proposes to Bermuda to leave their "comfort zone" and welcome technological innovation on their territory. The country's parliament is invited to discuss this issue immediately, but no date has been specified in the declaration. Towards the end, Burt highlighted the opportunities offered by the blockchain industry: "We will not stay in the shadows and watch as we go."
Image from Shutterstock to photo
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