In line with an official ‘press-release‘ published, Bermuda Ministry of Finance has permitted the ICO [Initial Coin Offering] of trading firm VLHL [Velocity Ledger Holdings Ltd].
VLHL’s subsidiary VL Finance is presently within the application process within the BMA [Bermuda Monetary Authority] to get the required licenses to operate. However if approved by the BMA, the firm will operate a digital asset exchange in Bermuda. The press-release adds that the firm can employ VL ‘tokens‘ for payment purposes for licensing VL technology platforms and services.
While commenting on the event of development, the CEO of VLHL namely ‘Shawn Sloves’, aforementioned that “Bermuda has adopted pragmatic, non-restrictive frameworks for the digital assets that offer regulative certainty to promote participants.”
Bermudan Premier David Burt told the Royal Gazette, “They have a standard finance industry pedigree and are building solutions for the institutional finance market. Their platform can showcase the potential of what fintech & Bermuda have to offer.”
Earlier in Dec., the BMA ‘published‘ a draft regulation entitled “Digital Asset Custody Code of Practice,” that seeks to clarify the regulator’s stance on crypto currency custodial services in Bermuda and to shield clients’ assets. Willing to ensure a high level of protection for crypto custody purchasers, the BMA urged that a Digital Asset based Business must ensure that “any assets belonging to purchasers are kept segregated” from their own assets.
The first certification for an ICO beneath the island nation’s new regulative regime for crypto-currencies and blockchain business was ‘awarded‘ by the govt. of Bermuda earlier in the month of Oct. last year. The Premier Burt introduced ‘new rules‘ on ICOs to the lower house of the country’s Parliament, the House of Assembly last July. The new rules need ICO issuers to provide elaborated information concerning “all persons involved within the ICO.”
Just ‘recently‘ within this week, the Q1 of 2019 saw fewer ‘ICOs‘ raise funds as compared to the Q4 of last year. In Q1, there were around 350 ICO projects, that are fewer compared to Q4 last year. The net volume of funds raised in Q1 reportedly amounted to just around $1 Bln, however the amount is lower by roughly $0.5 Bln compared to the Q4 of last year.