Island nation Bermuda has issued its first certificate for an Initial Coin Offering (ICO) under the new regulatory body for blockchain and crypto related business, reported the only daily newspaper of the country, the Royal Gazette on October 18.
As per the Royal Gazette, the Minister of National Security Wayne Gains, whose office looks after the affairs related to ICT policy and innovation, announced that Uulala, a fintech company was awarded certification at Bermuda Executive Forum in Miami, by the Bermudan government.
Last July, David Burt, the Premier and Minister of Finance of Bermuda introduced new regulations on ICOs in the lower house of Parliament of Bermuda., the House of Assembly. These new guidelines require ICO users to give detailed information about “all persons involved with the ICO”
Applying ICOs also must reveal a review of their projects, mentioning key aspects or services such as the financing system, market audience, the sum of money they expect to be raised, technical aspects of the project with blockchain and software specifications.
The report notes that Uulala plans to improve financial inclusion of unbanked and underbanked people by providing them with financial services. The company has reportedly developed a decentralized peer-to-peer network “to load cash into the digital economy.” After depositing funds, users purportedly get access to a digital MasterCard, via which users will be able to participate in e-commerce, as well as pay bills or send payment across borders.
Oscar Garcia, CEO of the ICO said to Royal Gazette that it aims to raise $50 million through its token sale, and has already raised nearly $10 million privately. Garcia mentioned that it took them around four months to get the certificate adding, “Bermuda is known as a financial hub and it is very forward thinking on blockchain and fintech… They have a reputation of being excellent regulatory stewards and we thought that would be a better fit for us than a jurisdiction where we could say we’re good, they’d believe us and give us approval in three weeks.”