In a way to attract fintech entrepreneurs, Bermuda is forging ahead on virtual currency regulation, according to the country’s Minister of National Security in a statement during an overview of its suggested fintech regulatory framework at the Bermuda Underwater Exploration Institute.
Given to a standing-room-only audience, the minister, Wayne Caines made his presentation. The Virtual Currency Business Act is expected to hold a meeting next month.
Regardless of the fact that there are not genuine examples according to Kevin Anderson of the Bermuda Monetary Authority, the Virtual Currency Business Act has been put forward.
According to him, the act will be a “shining example” of the potential of Bermuda. A150-page paper on the Virtual Currency Business Act published on the BMA’s website. All response was be submitted by May 2.
According to the VCBA, it refers to “virtual currency business” as the establishment of the following activities: issuing, selling or redeeming virtual coins, tokens or any other form of virtual currency. This means an ICO business on behalf of customers is also included. Services providers referred to as “a person whose business includes the provision of services for the transfer of funds,” are also covered by the payment service providers.
According to Caines, the government is finding it difficult to keep track of the number of people who want to come to Bermuda as its plans to control the virtual currency. In his view, it is “phenomenal” that the government is going to meet with other 20 interested companies in London this week.
Lydia Dickens, manager of government’s business development unit noted that cryptocurrency investors want to see regulations in mostly unregulated part of global finance. She explained that investors are looking for legal control. John Narraway, a tech entrepreneur and member of the Government’s Blockchain Business Development Working Group was also in line with Lydia, stating that foreign investors are more concerned with stable regulations than tax benefits.