Announced during a press conference, the task force has been established to advance Bermuda's regulatory environment for tokens, "tokenised securities," cryptocurrencies and initial coin offerings (ICOs).
There are significant opportunities in the sphere of cryptocurrency, but that window is getting smaller and moving faster than ever before.
Chair of the Blockchain Business Development Working Group
The task force constitutes two groups: the Blockchain Legal and Regulatory Working Group, and the Blockchain Business Development Working Group – which will work to assist development of the technology.
The move aims to bring new business to the island, help boost GDP and open up more job opportunities.
Furthermore, the Bermuda Business Development Agency (BDA) has entered into a partnership with the government to expand the initiative.
It is also planned to design a regulatory framework for distributed ledger technologies (DLT) that would launch in early 2018. According to David Burt, Bermuda is considering a complementary regulatory framework covering the promotion and sale of utility tokens, aligned with the DLT framework.