After the introduction of new ICO legislation and regulations, “The ICO Act will soon take effect”, stated by David Burt, Premier of Bermuda.




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Premier and Minister of Finance of Bermuda David Burt has introduced new regulations on ICOs during his speech at the Bermuda parliament.


The highlight of the new guideline is to require ICO issuers to disclose information about “all persons involved with the ICO.” They also must provide products & services description, information about target customer, target market, financial system, the goal of ICO raised amount, fund allocation plan, and technical details associated with the platform and blockchain specifications.

He revealed that the Government would officially announce it before the end of the summer. This action would also act as another effort to prevent money laundering and terrorist financing. He added that Bermuda has been working to develop a legal framework “as fast as possible” to tackle "regulatory uncertainties" for the fintech and blockchain industries

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The Bermuda government has set out a regulatory framework for Distributed ledger technology (DLT) companies to meet "market demands" through the 2018 Digital Asset Business Act. This Act contributed to widening the differences between Crypto Company and the technology itself.

By the end of April, Bermuda had received $15 million of investment from Binance, including $10 million for technology-related education programs, plus $5 million for Blockchain startups.

In response, earlier this month, the Bermuda government announced a plan to adjust its banking laws, therefore creating a favorable environment for blockchain and fintech start-ups in Bermuda.