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Kristina Frunze

17 April 2018

Forex

Bermuda Regulator Seeks Feedback on Crypto AML Regulations

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Bermuda regulator seeks feedback on Crypto AML regulations as a part of Bermuda’s plan to attract new cryptocurrency businesses to the island. BMA has published a 150-page long consultation paper entitled “Regulation of Virtual Currency Businesses.”

17 April, AtoZ Markets The financial regulator of Bermuda, the Bermuda Monetary Authority (BMA) now seeks the comments from the citizens on an anti-money laundering law that aim to regulate the activities of the local cryptocurrency market participants.

Bermuda Regulator Seeks Feedback on Crypto AML Regulations

The move appears as a part of Bermuda’s plan to attract new cryptocurrency businesses to the island. BMA has published a 150-page long consultation paper entitled “Regulation of Virtual Currency Businesses.”

In this paper, the financial watchdog defines cryptocurrency as  “a digital representation of value that can be digitally traded and functions as a medium of exchange; and/or a unit of account; and/or a store of value, but does not have legal tender status (i.e., when tendered to a creditor, is a valid and legal offer of payment) in any jurisdiction”.

The proposed cryptocurrency act would require the cryptocurrency exchanges, payment providers, and wallet services to gather and retain customer information to check on any illegal activities. In addition, businesses that advertise and facilitate initial coin offerings would be subject to these rules.

Crypto-friendly approach of Bermuda

The crypto-friendly approach of Bermuda has made it one of the most popular jurisdictions to establish a cryptocurrency business. As per the recent report from one of the local media outlets, the territory’s Minister of National Security, Wayne Caines, has recently hosted an event in a bid to clarify the governmental approach to the regulations.

Mr. Caines has been quoted as saying:

“We can’t keep up with the amount of people who want to come to Bermuda. We’re going to London at the weekend and we have 20 companies lined up to meet us. It’s actually phenomenal.”

Furthermore, Bermuda is not the only country that is attempting to become the center for the cryptocurrency business’ interest. Some of the cryptocurrency positive initiatives have been taken in Gibraltar and Malta. It appears that Malta has adopted a strong direction to become the “Blockchain Island”, as the country has made it clear it is ready to put efforts in order to achieve its goal.

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Bermuda Cryptocurrency

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