Mondaq posted an article on October 20, 2020, about technology and innovation in Bermuda. Below are some key highlights:
- Bermuda: Technology And Innovation Guide – Bermuda Most Popular: Article Bermuda, November 2020 Bermuda is a leading international financial centre with a long history of providing pragmatic financial and professional services to international businesses.
- The new legislation sets out expected standards of disclosure for initial coin offerings, a dual licensing system (including sandbox) for anyone seeking to provide digital asset business services to the sector and both a sandbox regime and innovation hub for those in insuretech.
- What AML/ATF requirements apply to Digital Asset Business in Bermuda? Subject to specific statutory exemptions (including but not limited to whether the digital assets are listed on an appointed stock exchange or appointed digital asset exchange), a company is required to file such document with the Authority.
- Yes, provided the company seeking to operate the exchange has been issued a Digital Asset Business licence by the Authority or the Minister issues an exemption order for that person conducting the business.
- The BMA will use the following eligibility criteria in evaluating the suitability of the company for entry into the Sandbox: The proposed product, service or business model should be new or use existing technology in a different way.
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