Local financial watchdog at Bermuda, the Bermuda Monetary Authority (BMA) is looking for public feedback on an anti-money laundering act that would involve cryptocurrencies. This is reported by Coindesk
On 12.04.2018, it published consultation paper, where the financial regulator said it is aiming to capture a wide range of crypto-related activities under the local law in order to prepare a more framework that would attract and foster crypto businesses.
It is noteworthy, regulation on ICO is not part of the act. Instead, the paper indicated that supervision over ICOs would fall under the scope of a separate rule.
Government officials said that the proposed rules are not going to ban the crypto industry in Bermuda. This move seeks to develop a framework that would offer cryptocurrency businesses a safer and stable environment.
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.
Minister of National Security, Bermuda
Watchdog is exploring a sandbox-like licensing scheme through the proposal. It may give the blockchain startups way to the regulated market.