Quarterly Fintech Regulatory Update

Since the inaugural issue of Appleby Asia Alert in June 2018 which briefly introduced the regulatory landscapes of fintech-related areas in Bermuda, Cayman Islands and BVI, there have already been some important changes to such legal and regulatory frameworks in these jurisdictions.

BERMUDA

Initial Coin Offerings

The Companies and Limited Liability Company (Initial Coin Offering) Amendment Act 2018 (ICO Act) became operative on 9 July 2018 and the related Companies and Limited Liability Company (Initial Coin Offering) Regulations 2018 (ICO Regulations, together with the ICO Act, ICO Legislation) came into force on 10 July 2018.

The ICO Legislation regulates all aspects of offering digital assets to the public in or from Bermuda. A digital asset covers anything that exists in binary format, including all forms of cryptocurrencies, digital coins and tokens issued in connection with initial coin offerings (ICOs). We have published a separate article with