The government of Bermuda will improve cryptocurrency legislation

The government of Bermuda will improve cryptocurrency legislation

The government of Bermuda – overseas territory of the UK organized a special working group to study the issue of the use of cryptocurrencies in commercial relationships.

On Wednesday at a press conference, Prime Minister David Burt and the Minister of national security Wayne Keynes said that the working group tasked with improving the regulatory framework for the regulation of tokens “licenzirovanie stock”, crypto-currencies and campaigns for the initial location of the token (ICO).

It is reported that the task force was composed of: Group on development of normative-legal base for regulation of relations in the sphere of the blockchain and Group business development in the field of blockchain.

John Narraway, Chairman of the group business development in the field of blockchain said:

“In the industry of cryptocurrency lurk outstanding opportunity, but that window is getting smaller and changing faster and faster”.

Narraway reported that the working group is exploring various business opportunities in the ecosystem of cryptocurrencies and focuses on key areas of future activities.

The business development service Bermuda (BDA) has also signed an agreement with the government development initiatives.

According to the head of service of Ross Webber, improvement of legislation to regulate the cryptocurrency will attract new companies to the region.

Premier Bart said that in the beginning of 2018 the government intends to develop a regulatory framework for regulation of other companies operating with the technology of the distributed registry. He stated that Bermuda will develop additional requirements in the area of promotion and sale of the tokens that will be included in the main law regulating relations in the sphere of the blockchain.

The steps taken by the government in relation to cryptocurrency and blockchain confirm the status of Bermuda as a popular offshore financial centre, which is considered for international investors peaceful haven surrounded by an increasingly volatile world.

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