Bermuda Prime Minister David Burt has stated that all projects seeking to initiate an initial token issuance (ICO) in Bermuda require submission of information about their company.
David Burt said in the House of Representatives of the Bermuda Parliament that this requirement requires the initial token issuer to specify its product, target market, and amount of funds to be raised. He also said that a series of related bill proposals will be submitted this summer to improve laws and regulations to combat money laundering and terrorist financing.
David Bert revealed that Bermuda hopes to create a reasonable and legal regulatory environment. Although the financial technology industry is developing at a rapid pace, there are still many problems in the past. In the House of Representatives of Bermuda, David Burt stated that the newly established initial token issuance regulations stipulate that the minimum requirements for information that must be disclosed include:
Provide all personnel information related to the initial token issuing project;
Provide detailed project description information, including key features of the product or service, target market, how the initial token issuance project plan is financed, and the amount of funds the company expects to raise through the initial token issue;
Provide technical information on digital assets to be issued;
Provide information on whether digital assets can be traded or transferred between people;
Provides a detailed description of the technical standards or software used to identify the initial token issuing participants, as well as blockchain or other distributed ledger technology.
It is reported that David Burt intends to submit seven AML-ATF bills and will discuss specific issues. He said that Bermuda had successfully completed the evaluation of the anti-money laundering and counter-terrorism financing system on March 23 and May 25.