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ARTICLE · 23 MAY 2018

Bermuda's FinTech Triangle: Blockchain, ICOs And Virtual Currencies

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Those issuers who do not make the cut will have to choose another jurisdiction.

BermudaTechnology
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On November 22nd 2017, Bermuda's Premier, the Hon. E. David Burt, JP, MP held a press conference regarding the potential impact of blockchain on Bermuda's economy. In summary, he said that the Island was going to look at blockchain opportunities as a new aspect of its overall economic plan, seeking to attract initial coin offering (ICO) and cryptocurrency businesses to Bermuda through the introduction of a sensible and credible regulatory framework.

Bermuda's blockchain approach

From a financial standpoint, the starting point was this: broadly, two different categories of blockchain vehicles would be recognised:

(1) Issuers who were conducting ICOs for crowdfunding purposes would be regulated by amendments to Bermuda's existing Companies Act and Limited Liabilities Companies Act legislation (the ICO Act).

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