‘All Companies Subject To Stringent Assessment’

July 10, 2018 | 5 Comments

“All companies wishing to launch an ICO or run a digital exchange in Bermuda are subject to a stringent assessment and review process,” Minister of National Security Wayne Caines said, adding “once the Acts fully come into effect, any company will need to follow the application process. Therefore any discussions about potential offerings or exchanges are premature.”

The Ministry said, “With the gazetting of the ICO regulations today [July 10], the Minister of National Security Wayne Caines, commented that Bermuda’s Fintech strategy is aimed at capitalising on new opportunities to foster innovation, create economic diversification and growth, and provide jobs.

The Minister noted that “Bermuda is emerging as a major leader in the area of Fintech,” saying “we’ve made significant strides in the last six months”.

He continued, “That said, I must stress that all companies wishing to launch an ICO or run a digital exchange in Bermuda are subject to a stringent assessment and review process. This is consistent with the Digital Asset Business Act 2018 and the ICO Legislation of 2018.

“The regulatory framework crafted jointly by the BMA, the Bermuda Government and administered by the BMA, employs a robust programme of vetting and analysis that is built to affirm the quality of new applicants.

“The application requirements are structured to mitigate risks to consumers, investors and the reputation of Bermuda. To be clear, once the Acts fully come into effect, any company will need to follow the application process. Therefore any discussions about potential offerings or exchanges are premature.”

Minister Caines concluded, “We will ensure transparent and open oversight. Once the Fintech Development Fund comes into effect this will provide an opportunity for organisations to support the growth of our Fintech industry as well as support Bermuda’s community, social and educational programmes.”

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Comments (5)

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  1. puzzled says:

    Yeah right.

    Another nail.

  2. Ringmaster says:

    Fintech has been around for many years. Bermuda is as usual many years behind the world in Fintech despite what the PLP say. The established companies are in established jurisdictions, Bermuda is being used by those who can’t pass the tests. Who in Bermuda has any experience – so who is making the rules and regulations and will be the gatekeepers? It sounds from the press releases it is the Fintech companies themselves. Where are the Bermudians to fill the jobs being promised? Clearly most jobs will be work permits. Where is the Peoples Campaign on all of this?

  3. Rocky5 says:

    The Bribery Act, 2016 will came into force on 1 September 2017 (the “Bribery Act”). It provides a complete overhaul of Bermuda’s anti-bribery laws.
    Why should we all be concerned?
    The Bribery Act creates a new corporate criminal offence – failing to prevent bribery by an associated person – which applies even to non-Bermuda companies and partnerships that CARRY on business (or PART of a business) in Bermuda.
    There is only one defence to the new corporate offence: the commercial enterprise must prove that it had “adequate procedures” in place, designed to prevent persons associated with it from undertaking acts of bribery.
    The Bribery Act criminalizes private-sector bribery AND creates a NEW offence of bribing a foreign public official.
    The Bribery Act goes beyond the US’s Foreign Corrupt Practices Act (“FCPA”) in a number of ways, so even companies with robust FCPA compliance programmes need to check that those programmes would be viewed as adequate for the purposes of the Bribery Act.
    The Bribery Act in a Nutshell
    The Bribery Act is based on the UK’s Bribery Act, 2010. It abolishes Bermuda’s existing anti-corruption laws and replaces them with:

    an offence of bribing (offering, promising or giving a financial or other advantage);
    an offence of being bribed (requesting, agreeing to receive or accepting a financial or other advantage);
    an offence of bribery of foreign public officials and
    a corporate offence of failing to prevent bribery.
    The first three offences apply to both individuals and corporations. Regarding the offence of bribing and the offence of bribery of foreign public officials, it does NOT matter whether the advantage is offered, promised or given directly or through a third party. The Bribery Act applies to PRIVATE sector bribery, as well as PUBLIC sector bribery and contains no exemption for facilitation payments or for corporate promotional expenditure.
    The fourth offence (failure by a corporate to prevent bribery) is a strict liability offence with only one possible defence.

  4. Retro says:

    Arbitrade already have a coin available to purchase ,which some people in the crypto world find dubious , why are we legitimizing them by having them incorporated as a Bermuda company. it makes us look complicit. I really can’t believe this is happening.

  5. Uncle Fester says:

    It looks like the genius’ in govt haven’t heard to saying, “The more you squeeze, the more sand slips through your fingers.”

    Their desperation to be ‘leaders’ in fintech will result in the Island being seen as a bleeder instead.

    There are red flags all over the shop with this deal and it’s making any due-diligence look like an exercise in due-incompetence.

    The govt deserves to have their noses rubbed in the dog muck this “deal” will leave behind. Sadly, for the citizens of Bermuda, this won’t happen and a potentially valuable addition to the Island’s economy will be lost as a result of greed, arrogance and incompetence.

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