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ARTICLE · 17 APRIL 2018

Bermuda To Introduce Initial Coin Offering (ICO) Legislation

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On 13 April 2018, the House of Assembly is returning to Bermuda Parliament for the purpose of tabling Initial Coin Offering (ICO) legislation.

BermudaTechnology
Steven Rees Davies
Steven Rees Davies
Matthew Ebbs-Brewer
Matthew Ebbs-Brewer
Jennifer Eve
Jennifer Eve
Megan Denos
Megan Denos
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On 13 April 2018, the House of Assembly is returning to Bermuda Parliament for the purpose of tabling Initial Coin Offering (ICO) legislation.

This move is part of a larger plan for Bermuda to become a global leader in the cryptocurrency arena.

A blockchain working group, including government, industry, legal and regulatory professionals, has been working collaboratively to achieve this goal and has set an ambitious timeline to develop a legal framework and regulatory regime which consists of the four key stages outlined below.

The aim is to provide legal certainty without inhibiting innovation.

Stage 1 - ICO Legislation

The ICO legislation will endeavour to strike a balance between market integrity and consumer protection. Under the ICO legislation, an ICO will be treated as a restricted business activity which will require consent from the Minister of Finance. Other key provisions of the ICO legislation will include:

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