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Bermuda region regulates cryptocurrencies

18 april 2018, 10:55

With the popularization of cryptocurrencies, many countries and governments are not sure how to treat them, as there are no official regulations, which could be suitable for these digital tokens. There were few attempts and even suggestions and opinions released by various specialists in few countries on how to treat and tax cryptocurrencies.

Bermuda region regulates cryptocurrencies

Currently, The Bermuda Monetary Authority (BMA) is looking for a public feedback on their anti-money laundering law, which will also regulate cryptocurrency activity in their region.

Caribbean financial regulator, said that the new law is is aiming to capture a wide range of cryptocurrency-related activities under the bill in a bid to prepare a more formal framework that would attract and foster cryptocurrency businesses. This may indicate, that they are looking for potential investors, which could be encouraged by friendly laws to establish their cryptocurrency and blockchain businesses in the Bermuda region.

The suggested law would regulate and mandate cryptocurrency exchanges, wallet services, ICOs and ICO promoting services to collect and retain customer information. Such law may seem to be against the privacy, which has been offered by cryptocurrencies, however it is a way for governments to in a way control the related projects. Government officials in that case, don't want to ban or limit the cryptocurrencies in any way in the region. Instead, they want to develop tools, which will make them usable in an official way. Moreover, such laws will offer businesses much more safer and stable environment to work with.

Bermuda's Minister of National Security Wayne Caines, says that there needs to be regulations before the industry can fully develop. He also added that they "can't keep up with the amount of people who want to come to Bermuda" and they will be going to London at the weekend, where there are "20 companies lined up to meet them."

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