The government of Bermuda is working on creating a legal framework for the sphere of cryptocurrencies so that regulation would stimulate the growth of "phenomenal" business.
The Bermuda Monetary Authority (BMA) has published a consultation paper explaining the position of the regulator in relation to digital currencies and their place in the modern financial space. Formal regulatory measures are also outlined, within which the cryptocurrency business will develop actively, steadily and safely.
First of all, the proposed act on cryptocurrencies provides that exchanges, payment systems, wallets, and companies that advertise and sell tokens must collect and store information about customers. Thus, the activities of these organizations will correspond to the acts on anti-money laundering.
The BMA is also studying the licensing scheme for prospective blockchain-startups, which will help new technologies develop in a supportive environment and eventually find practical application in all spheres of life.