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Bermuda Authorities Approve Country's First ICO Project Under New Rules

15:06 19/10/2018

The authorities of Bermuda have approved and issued a certificate for holding the country's first initial coin offering (ICO). The document was granted under the new regulatory act on cryptocurrencies and blockchain, Cointelegraph reports citing local media.


The fintech company Uulala received the permission for ICO, Wayne Gaines, Minister of National Security, whose office controls the IT sphere, stated.


Uulala CEO Oscar Garcia, national security minister Wayne Caines, BDA interim CEO Sean Moran and Uulala CMO Matthew Loughran

Source: The Royal Gazette


Uulala provides financial services to individuals who have little or no involvement in the banking industry. The firm created a decentralized platform aimed at "attracting cash into the digital economy".


David Burt, the Bermuda Prime Minister, presented the new ICO rules to members of the Lower House of the country’s Parliament. According to the regulations, the organizers of the initial offering must provide detailed information about all of its participants. Besides, it is necessary to describe the project in detail, including its products or services, target audience, financing scheme, the amount of planned funds, etc.


Uulala managed to prepare all the necessary documents in four months. They attracted $10 million privately, and it is planned to collect $50 million during the token sale, Oscar Garcia, the company's executive director, stated.


As previously reported, the South Korean authorities intend to announce their decision regarding the legalization of ICO in November.

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