Bermuda wants to stimulate the activities of cryptocurrency companies

The Bermuda Financial Authority (BMA) is seeking public input on anti-money laundering legislation that would regulate domestic cryptocurrency activities.

In a recently published consultation document, the financial regulator said that it aims to cover various cryptocurrency-related activities in the bill to prepare a formal regulatory framework that would facilitate the creation of cryptocurrency companies and attract new investments.

The proposed cryptocurrency bill provides that cryptocurrency exchanges, wallets and payment service providers, as well as businesses that promote and facilitate ICOs, must request and store information about their customers. It is worth noting that regulation of ICO-related activities is not part of the proposed bill. The document states that ICOs are subject to separate rules.

As such, the government has said it has no intention of impeding Bermuda's nascent crypto business and is committed to developing a comprehensive regulatory framework that will provide cryptocurrency companies with a more secure and stable environment.

According to a report in the state newspaper, Bermuda's Minister of National Security, Wayne Kynes, believes the industry needs well-designed regulation before it can flourish. “We don’t have time to meet everyone who wants to. We are going to London, where more than 20 companies are waiting to meet with us. This is phenomenal,” the Minister said.

In fact, as part of this Bill, the BMA is looking at a licensing scheme called a “sandbox”, which will provide access to the market in a regulated environment.

According to https://www.coindesk.com