Bermuda Wants Crypto Regulation to Fuel Business Growth

Bermuda Monetary Authority published the conultation paper on "regulation of virtual currency business"
13 April 2018   591

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.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   110

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.