Bermuda Wants Crypto Regulation to Fuel Business Growth

Bermuda Monetary Authority published the conultation paper on "regulation of virtual currency business"
13 April 2018   482

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.
 

Wayne Caines

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.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   134

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
 

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.