Last year, Bermuda’s Premier and Finance Minister, David Burt, launched the Blockchain Task Force. It included a Legal and Regulatory Working Group which would ensure that the country creates a blockchain-friendly environment for interested organizations and startups. Four months later, Burt has come forward with another initiative: to make sure Bermuda regulates ICOs for the first time in blockchain history.
In a statement published on the official website, a bill was proposed in front of the parliament. Burt spoke about blockchain-related developments worldwide as well as criminal activities recorded in these areas. He noted that even though these violations existed, the technology behind the developments could easily disrupt “traditional methods”. This is why it is important for the government to provide a legal framework. It will ensure that people stay within the limits of the specified regulations while making progress in their projects.