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ARTICLE · 19 APRIL 2018

Bermuda Tables Initial Coin Offering (ICO) Legislation

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The participants are also provided with a cooling off period during which they may withdraw from the ICO offering.

BermudaCorporate/Commercial Law
Conyers
Conyers
Jacqueline King
Jacqueline King
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On 13 April 2018, amendments were tabled in Bermuda's House of Assembly to the Companies Act, 1981 ("Companies Act") and Limited Liability Company Act, 2016 ("LLC Act") to provide a legislative framework for initial coin offerings ("ICOs"). By implementing this new legislation, the Bermuda Government is laying the foundation for the Island to become a leading global blockchain and ICO centre. The Companies and Limited Liability Company (Initial Coin Offering) Amendment Act, 2018 (the "ICO Act") will be debated in a later sitting of the House.

The ICO Act regulates offerings of 'digital assets', which are meant to capture all of the various categories of digital coins and tokens (whether they be utility, securitized, equity or otherwise) being issued as ICOs and via token sales. The purpose of the ICO Act is to only regulate those ICOs and token sales which are public crowdfunding or similar type projects. It is not intended to regulate either private sales or those

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