In a recent news story published by the Royal Gazette on 18th October pertaining to introducing the first certification for an Initial Coin Offering (ICO) by the government of Bermuda under the island’s new regulatory regime for crypto and blockchain related activities.
With the new development in place, the Minister of National Security Wayne Gaines which actively focus on ICT policy and innovation officially announced the certification for Fintech Company – Uulala by the government of Bermuda when the Bermuda Executive Forum held in Miami. This is said to be one of the major developments when the Bermuda Government confirms the first ICO by applying the new regulatory regime.
In July 2018, the Premier and Minister of Finance of Bermuda David Burt announced new regulations for ICOs at the lower house of the nation’s Parliament, the House of Assembly. Under the new guidelines, ICO issuers are believed to offer a detailed information about all those involved in executing the ICO.
Amid this, under the new regime, issuers will supposedly require to update all those project’s details like a complete review of the project, key aspects of the offerings, market audience, financial framework, size of the funds raised and utilized, with this, all those technological aspects and the way entire blockchain ecosystem will be organized.
The entire ecosystem of Uulala is designed such that it supports the financial inclusion of those community users that are unbanked and underbanked by offering the value-added financial services. The firm is believed to have created a decentralized peer to peer network that may load and store cash into the digital economy. The community users will have sufficient access to virtual MasterCard once funds are deposited. With this, they may transact for the variety of activities like e-commerce, payment of bills, executing cross-border transactions.
Further speaking to the subject matter, Oscar Garcia, CEO of Uulala said to Royal Gazette that the company is poised to raise almost $50 million dollars through its token sale besides raising $10 million through the private route already. Garcia further elaborated the country’s regulatory regime saying that it may take almost four months in order to get mandatory approval for the license. However, “Bermuda is known as a financial hub and it is very forward thinking on blockchain and fintech… They have a reputation of being excellent regulatory stewards and we thought that would be a better fit for us than a jurisdiction where we could say we’re good, they’d believe us and give us approval in three weeks.”
Let us not forget that besides other continents in place, Bermuda has created its niche across the blockchain use case and cryptocurrencies space since last year. Additionally, the company has revised certain banking act in favor of the new age tech and cryptocurrency. The new act will enable banks to provide services to local fintech and all those entities engaged in the blockchain related activities. The government has already executed a signed memorandum of understanding (MoU) with numerous blockchain and crypto-based companies to streamline the entire ecosystem thereby creating more jobs for the local community!!