Bermuda govt gives green light to ICO

October 19, 2018
Chris Wheal

The government of Bermuda has awarded the first certification for an Initial Coin Offering (ICO) under the island nation’s new regulatory regime for cryptocurrencies and blockchain business.

According to the country’s sole  daily newspaper, the Royal Gazette, the Minister of National Security,  has confirmed that fintech company Uulala has been awarded certification by the Bermudan government.

New regulations on ICOs were put forward to Bermuda’s House of Assembly earlier this year

Earlier this summer the Minister of Finance of Bermuda David Burt  introduced new regulations on ICOs to the country’s House of Assembly. The new guidelines require ICO issuers to provide detailed information  on the amount of money that is planned to be raised, and technical aspects associated with software and blockchain specifications.

According to the The Royal Gazette, Uulala aims to improve financial inclusion of unbanked and underbanked people by providing financial services.

Uuala has reportedly developed a decentralized peer-to-peer network “to load cash into the digital economy.”

Once funds are deposited, users should have access to a virtual Mastercard, which they can use for e-commerce, as well as bill payments or cross-border transactions.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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