House set for stringent cryptocurrency rules

Legislation to regulate a new digital currency industry in Bermuda is to be tabled as MPs return to Parliament tomorrow.

Lawrence Scott, the Government Whip said the Bill “lays the regulatory foundation for us to become a leader in the cryptocurrency arena”.

He added that the legislation for an initial coin offering “opens the way to a possible third pillar of our economy”.

Wayne Caines, the Minister of National Security, has vowed to put stringent regulations in place before Bermuda moves into the virtual currency sector.

The early return to Parliament has been called to allow legislation to be tabled and the House will then reconvene on April 27.

Other matters to be brought to the House include a Bill to amend the definition of the official gazette, designed to allow it to move online.

Mr Scott said the Progressive Labour Party also aimed to “right a wrong” with legislation to change the way Bills are amended.

He added that some legislation allows a minister to “change, leave out or add amendments”.

Mr Scott said: “We’re tabling legislation that will allow everybody to see what’s going on behind the scenes. It’s all about transparency.”

Another Bill will allow for the consolidation of the Bermuda Archives with the library.

Dennis Lister, the Speaker of the House, said he had agreed with the leaders of both parties to tomorrow’s session because of the time-sensitive nature of the legislation.

He added: “There will be no business other than the tabling of the Bills.”

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