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Bermuda Proposes Legislation For Cryptocurrency Regulation

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The government of Bermuda has proposed a Bill to create a regulatory framework that controls the Atlantic island nation's nascent cryptocurrency industry.

The Blockchain Task-force presented a consultation paper on draft regulations pertaining to virtual currency businesses and initial coin offerings or ICOs.

The consultation paper on the Virtual Currency Business Act was published on the Bermuda Monetary Authority's website. The document is open to public for their comments and suggestions to be submitted by May 2, the Authority said.

Outlining Bermuda's Fintech Strategy, Wayne Caines, the Minister of National Security, said that the government considers this to be a landmark legislation for Bermuda, and recognizes that there is significant interest in virtual currencies and blockchain technology.

It emphasizes Bermuda's hope to "become a global leader in the fintech space," he told more than 150 of Bermuda's key business partners.

"By being one of the few countries in the world to specifically regulate ICOs, we believe that the proposed regulatory framework will provide legal certainty to companies looking to conduct ICOs in Bermuda," he added.

Under the proposed Bill, an ICO will be treated as a restricted business activity that will require consent from the Minister of Finance. The Virtual Currency Business Act will be presented to the Parliament next month for a final discussion.

Bermuda is a self-governing British overseas territory island nation that had one of the world's highest GDP per capita until the global recession.

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