Traders and Brokers are having a hard time in 2018 due to the more restrict esma regulation rules, stipulated by the European Union. Fortunately the world doesn’t end at european borders and there are some tiny little islands that prefer freedom over restriction. Bermuda is a nice little island in the atlantic ocean that belongs to the united kingdom but changed their currency to the bermuda dollar in 1970. Now this little tax oasis wants to attract ICOs.
Whereas the regulations worldwide on cryptocurrencies and ICOs become stricter and stricter, Bermuda wants to loose the reins. Anyone who wants to start an ICO business has to inform the Bermudan government about the persons involved in the project as well as a detailed desciption of the technology in use. In addition the authorities want to know the prospect of the project as well as the amount of money you aim to raise.
Bermuda – Island between UK and USA
Geographically Bermuda is closer to the usa although it belongs to GB and it is protected by the British military. Their currency, the bermuda dollar is pegged to the USD. Bermuda undertands itself as a fintech location where founders can live and realize their phantasies. The aim was to stimulate the local economy and attract new capital and jobs. Bermuda wants to be first country worldwide to regulate ICOs. At the moment there are two laws that cover and support cryptocurrency business. On the other hand they have implemented new anti mony laundering rules in order to keep the crypto business clean.