Bermuda is one of the newest countries that updated their virtual currency legislation. With the newly changed legislation, it seeks to attract fintech entrepreneurs and become a place where everyone interested in the industry can launch a business or work with some of the companies present out there.
The country’s Minister of National Security noted that Bermuda is moving forward on virtual currency legislation while presenting to a standing-room audience at the Bermuda Underwater Exploration Institute.
Even though Bermuda has no nearby example to follow, they proposed the Virtual Currency Business Act – which will serve as a “shining example” for what the country can accomplish. A 150-page paper on the Virtual Currency Business Act was also posted on the BMA website.
According to the VCBA, the “virtual currency business” is the name that is a provision of the following activities:
Isssuing, selling or redeeming virtual coins, tokens or any other form of virtual currency.
Obviously, this also includes an ICO business on behalf of customers and the act would also cover the payment service providers defined as “people whose business includes the provision of services for the transfer of funds.”
Bermuda’s new legislation will also cover virtual currency exchanges, wallets, and services vendors which are defined as any business providing services in the realm of virtual currencies. The legislation is designed to prevent fraud and market manipulation too.
In the end, the government will also attempt to establish an electronic ID scheme this year for its residents – which will be a program that strengthens the country’s fintech credentials and help it attract even more people in this field.
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