|Oct 19, 2018 06:00 PM||By: John Patrick Mullin | 1718 Views|
The government of Bermuda has granted the first certification for an Initial Coin Offering (ICO) under the island nation’s new administrative regime for crypto and blockchain business, the country’s only daily newspaper, the Royal Gazette records Oct. 18.
According to the Royal Gazette, the Minister of National Security Wayne Gaines — whose office manages ICT policy and change — announced that fintech company Uulala was granted certification by the Bermudan government now at the Bermuda Executive Forum in Miami.
In July, the Premier and Minister of Finance of Bermuda David Burt proposed new ordinances on ICOs to the lower house of the country’s Parliament, the House of Assembly. The new guidelines require ICO issuers to give detailed information on “all persons concerned with the ICO.”
Issuers must also publish a review of the project, showing critical aspects of the product or assistance such as the market audience, financing system, the amount of money that is intended to be raised, and technical issues connected with software and blockchain terms.
The Royal Gazette states that Uulala aims to improve financial inclusion of unbanked and underbanked people by giving financial services. The firm has reportedly developed a decentralized peer-to-peer network “to load cash into the digital economy.” Once funds are deposited, users purportedly have access to a virtual MasterCard, with which they can engage in e-commerce, as well as pay bills or send cross-border payments.
The company’s CEO Oscar Garcia announced the Royal Gazette that Uulala aims to propose $50 million in its token sale, and has already raised $10 million personally. Garcia noted the country’s accurate regulatory measures; it reportedly took four months for the firm to get support for its license. Despite the wait, Garcia said:
“Bermuda is known as a financial hub, and it is very forward thinking on blockchain and fintech... They have a reputation of being excellent regulatory stewards, and we thought that would be a better fit for us than a jurisdiction where we could say we’re good, they’d believe us and give us approval in three weeks.”
Bermuda has been developing a friendly administrative environment for fintech, crypto, and blockchain-related business throughout the past year. In appreciation of the regulations above, the country also began to amend the Banking Act to build a new class of bank to render assistance to local fintech and blockchain organizations. The government has also approved memoranda of understanding (MoUs) with some blockchain and crypto-related companies to both promote the industry in Bermuda and create jobs for the local community.