03/09/19

Solidifying Bermuda's Poition as a Leading and Innovative Centre for Business

The Companies and Limited Liability Company (Initial Coin Offering) Amendment Act 2018 (ICO Act) is now operative and regulates public offerings to purchase or acquire digital assets made by Bermuda companies or LLCs. Digital assets are broadly defined to include all digital coins and tokens, however rewards programs and digital representations of value within gaming-platforms are excluded. The ICO Act targets public crowd funding and does not seek to regulate private sales or pure virtual currency issuances (see the Digital Asset Business Act 2018 (DABA)).

A Safe Harbour in Times of Sig…