The first ICO license has been granted in Bermuda.
The news reports read that that the fintech company Uulala won the first certificate to float ICO in line with the new set of rules for blockchain and crypto segment.
"Uulala, a fintech company with a social mission, has become the first applicant to win approval to launch an initial coin offering in Bermuda under the island’s new regulatory regime," said the report in the only daily newspaper of Bermuda Royal Gazette.
For reference, the new rules for ICO projects were submitted for the governmental approval by the Premier and Minister of Finance of Bermuda David Burt this July. According to the new regulation, the companies that float ICO must provide detailed data about all participants as well as develop and present information about tokens, funding details (target amount, technical issues, etc.). And finally, the ICO is now subject to the approval of the Regional Minister of Finance.
As Uualala spokesperson stated, they waited for four months till the authorities eventually approve the certification. According to the available data, the company is going to present a decentralized p2p network to bring cash to the digital economy. The target ICO sum has been set at $50 million.
Notably, Bermuda authorities commenced the process fo bank legislation update in July striving to make it suitable for blockchain companies.