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Virtual Currency Business Act Proposed Drives Droves Of Investors To Bermuda



TaxConnections, Virtual Currency Legislation

Virtual Currency Business Act Proposed In Bermuda – Regulation Of Virtual Currency Business Driving Many Investors To Bermuda

With interest in virtual currency at an all-time high, virtual currency is here to stay. Kevin Anderson of the Bermuda Monetary Authority, the financial services regulator states the Virtual Currency Business Act (VCBA) has been proposed as a “shining example” for what Bermuda can accomplish.

The Bermuda VCBA defines “virtual currency business” as the provision of the following activities: issuing, selling or redeeming virtual coins, tokens or any other form of virtual currency. This would include an ICO business on behalf of customers. The Act would also cover payment service providers, defined as: “a person whose business includes the provision of services for the transfer of funds.”

It would also cover virtual currency exchanges, virtual currency wallets and virtual currency services vendors, defined as any business providing specific virtual currency-related services to the public. The legislation also addresses the intersection of cryptocurrency and fiat, preventing fraud and market manipulation, the integrity of cryptocurrency owners, clear descriptions of the risks for prospective investors, and the Bermuda Monetary Authority BMA enforcement powers. Review the Consultation Paper at this link.

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