Log In

Reset Password

House: Burt’s pledge on fintech regulations

David Burt, the Premier (File photograph by Akil Simmons)

Those seeking to conduct initial coin offerings in Bermuda will be required to provide information on everyone involved with their companies, David Burt said today.

The Premier told the House of Assembly regulations would also specify they must give details on the product envisaged, the target market and the amount of money intended to be raised.

Mr Burt said a host of Bills would be tabled before the summer break enhancing Bermuda’s laws against money laundering and terrorism.

He said the island has “expeditiously” developed a regulatory environment to address the “legal ambiguity” facing the developing fintech industry.

He told the House minimum required information, as outlined in the ICO Regulation, includes:

• Providing information on the all persons involved with the ICO;

• Providing a description of the project, including key features of the product or service, the target market, how the ICO will be financed and the amount of money the company is intending to raise via the ICO;

• Providing information on the technical standards of the digital asset that will be issued;

• Providing information on whether the digital asset can be traded or transferred between persons; and

• Providing a description of the technical standards or software, blockchain or other distributed ledger technology that will be used to identify participants in the ICO.

There will be seven AML-ATF Bills tabled for debate. Mr Burt said that the island had so far successfully met two key deadlines, on March 23 and May 25, in the ongoing assessment of its anti-laundering and antiterrorist financing regime.

To read two statements in full from David Burt, click on the PDFs under “Related Media”