Bermuda ICO Legislation Comes Into Force

The Companies and Limited Liability Company (Initial Coin Offering) Amendment Act 2018 (the "ICO Act") became operative with effect from 9 July 2018. The ICO Act amends the Bermuda companies and limited liability companies ("LLC") legislation, and creates a statutory framework for the regulation of initial coin offerings in Bermuda. The Minister also published the Companies (Initial Coin Offering) Regulations 2018 and the Limited Liability Company (Initial Coin Offering) Regulations 2018 (together the "ICO Regulations") expanding on certain requirements under the ICO Act.

This advisory provides guidance as to some of the key requirements under the ICO Act and the process for making an application for consent to conduct an offer to the public for the purchase or acquisition of digital assets under Bermuda law ("ICO"). It is not exhaustive and anyone seeking further information is invited to contact a member of our team.