The BDA lobbies the development of cryptocurrency business on Bermudas

The BDA lobbies the development of cryptocurrency business on Bermudas

The Government of Bermuda Islandshas announced its plans to promote the regulatory framework for tokens, circulation of cryptocurrency funds and regulation of ICO.

The abve decision was made as a result of negotiations with the Business Development Agency (BDA).

Appropriate working team has already been formed, which consists of 2 departments:

• a group to develop statutoryaspects of regulation, led by the member of the board of the BDA;

• a group for the development of promising companies and business according to blockchain systems, which is managed by the consultant technologist of the BDA.

The team to promote the cryptocurrency business in Bermuda will work under the authority of current Minister of national security.

As a result, the Government plans to create additional jobs and increase the country's GDP through new business structures. At the same time, service providers will have more opportunities to develop and multiply their incomes.

According to the BDA’s specialist in the field of new technologies, the cryptocurrency market promises a lot of prospects for the economic status and conditions of BermudaIslands.

ICO can serve not only as an instrument for attracting new assets, but also to increase the reliability and effectiveness of existing economic structures.

Despite the fact that nowadays the measure of the value of tokens in ICO remains uncertain and often depends on the success of the issuing company, more jurisdictions are introducing blockchain systems into the legal field. The number of deals and innovative companies based on cryptocurrencies is steadily growing, and governmental bodies in many countries are actively working on tax and regulatory bills.

For advice on the regulation of ICO and cryptocurrencieson Bermuda Islands, please contact the lawyers of Law&Trust International.