The law on virtual currency in Bermuda

The Bermuda Monetary Authority (BMA) appeals to citizens to voice their opinions on the rules of regulation of cryptocurrency in order to support AML policy.

On April 12, 2018, the financial regulator promulgated an article that deals with the draft law being prepared. It is reported that it will affect crypto-business and will be the basis for regulatory norms, being the impetus for development of the cryptocurrency market.

National program E-ID (digital identification) will be created for the companies and citizens of Bermuda. It will include the norms for exchange or conversion of cryptocurrencies, as well as KYC and AML standards. Besides, customer verification will be accelerated due to digital identification. There will be no need to file a lot of papers and immigration will be more effectively monitored.

The law will affect cryptocurrency exchanges, operators of cryptocurrency wallets, operators and enterprises engaged in token sale and ICO promotion, thereby collecting and storing customer data.

According to the authorities, new draft law will not hinder crypto-business, but rather promote the development of the industry.

Wayne Caines, the minister of national security of Bermuda, notes that activities with cryptocurrencies need to be regulated so that the industry can develop normally.

Let’s recall that the draft law regulating ICO was prepared at the end of March, therefore formally ICO is not included in the scope of new law.