The Bermuda government is working on a bill that would legalize the campaigns for the initial placement of coins (ICO) and will allow to attract to the region foreign FINTECH companies. This writes Bitsonline.

Presented earlier this week the bill, the Minister of Finance this overseas territory of UK in the North-Western part of the Atlantic ocean David Burt said that Bermuda have a chance to become an example for other countries in terms of the ICO.

“Bermuda have the opportunity to become a world leader in the field of Finance, becoming one of the first countries in the world that will regulate ICO. The proposed regulatory framework will provide legislative certainty to companies who want to spend ICO”, — he said.

New regulations involve amendments to the companies Act 1981 and companies Act with limited liability of 2016. The text of the bill klassificeret ICO as a “restricted business activities”. However, companies which are engaged in the sale of tokens, will have to comply with other existing laws of the territory, for example, the Law on securities.

In addition, before starting the ICO, the company will be required to obtain the consent of the Minister of Finance, and their proposals must meet the minimum requirements. This includes “mandatory disclosure of certain information about the company digital assets that are offered for sale, and the buyer’s right to assist the public in making informed decisions on participation in any proposed ICO.

For the development of a new legislative framework for FINTECH products and services will be responsible working group on legal and regulatory issues, which was established in November last year as part of government’s task force on the study of blockchain technology.

The initiative is headed by the Minister of national security of Bermuda, Wayne Keynes, also the working group includes representatives of the Ministry of economic development and tourism, Ministry of Finance, Management of monetary circulation and of the Agency for business development of Bermuda.

Insists David Burt, in the regulation of ICO lawmakers will adhere to the “balanced approach”.

Earlier it was reported that the Bermuda government will explore the possibility of using cryptocurrency in commercial relationships.