Bitcoin Global News (BGN)
July 16, 2018 -- ADVFN Crypto NewsWire -- Malta is all over
the news, inside and outside of the Blockchain industry for having
achieving status as the first “Blockchain Island,” due to its
loosening and yet clarifying of regulations related to running
Blockchain companies on its shores.
What is less known is that Bermuda
has been emerging as “Blockchain Island II,” if you
will.
As of July 13, David Burt, who acts
as the Premier and Minister of Finance of Bermuda, appeared in
front of Bermuda’s equivalent of the Parliament, in an effort to
introduce new and clearer regulations related to Initial Coin
Offerings.
The chief thinking behind this is
that once Burt has pushed through his proposed regulations, then it
will be a much easier process for companies to run ICOs through
Bermuda, while still adhering to legal compliance
measures.
According to Cointelegraph and
sources in Bermuda like the Royal Gazette, all of this would begin
with each ICO team disclosing information on all parties who are
involved in the ICO process.
What still is not clear is whether
this includes handing over certain pieces of personal information
on the ICO’s investors or not.
If the answer turns out to be yes,
then concerns could easily arise related these regulations
encroaching on the inherent decentralization of the Blockchain
industry.
In other words, if customers are
publicly identified, then some might wonder: what is the point of
investing in ICOs that originate in Bermuda at all?
One of the founding principles of
the Cryptocurrency world is the right to anonymity, should someone
choose it, though this idea has usually been taken, of course, in
connection with following existing laws.
Will Bermuda continue to protect this
right?
At this point, it is most likely
not as simple as a yes or no answer.
As the regulations move forward
towards achieving the status of laws, what will arguably make or
break Bermuda’s status as Blockchain Island II is whether or not
they choose to protect the Blockchain investor, within
reason.
Even so, it bodes well for the
island that Burt has already reached an agreement to partner
together with Binance, so that the Crypto exchange will be able to
assist Bermuda in its time of transition.
With such successful Blockchain
companies working together with existing governments, one can only
hope that the good that will come will outweigh the possible
detrimental effects of centralized control of the space.
By: BGN Editorial Staff
News:
Malta Blockchain
Island
Blockchain
ICO