Bermuda: Business Development Agency and Government to Establish Digital Currency Business

On November 22, 2017 the Bermuda Business Development Agency (BDA) announced that it will be establishing a digital currency business on the island, taking the lead in an initiative which was launched by the government to advance Bermuda’s regulatory environment as a destination for utility tokens, tokenised securities, crypto-currencies and coin offerings.

A regulatory framework for distributed ledger technology (DLT) is expected to become operational in early 2018. It will regulate activities of firms operating in or from Bermuda that use DLT to store or transmit virtual currency exchanges, coins and securitised tokens.

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