[ad_1]
According to a recent press release, Bermuda Monetary Authority (BMA), a financial regulator of Bermuda has published a regulation for custody services of cryptocurrency. He also invited comments on the draft code of conduct for the safekeeping of digital assets.
The Code of Conduct aims to protect the public and at the same time meet the authorities' expectations regarding the custody of digital resources. January 18, 2019 is set as the last date of sending feedback to BMA. Moad Fahmi, Senior Adviser at BMA, explained that the Code of Good Practices would benefit the country's financial system. He also said: "We remind the interested parties that the [regulatory] The framework was built with the aim of ensuring compliance with the fundamental objectives of financial regulation, namely consumer protection, the stability of our institutions and the maintenance of integrity and trust in financial markets, with particular attention to the maintenance of the highest standards of LMA / ATF [Anti-Money Laundering/Anti-Terrorism Financing]".
The document offers a complete idea for digital resource custody that includes business management and technology issues such as transaction management, key generation and incident reporting. It was published as an Island effort to become a regulatory leader of digital resources as stated by Craig Swan, Managing Director of Supervision @ BMA. Another effort to become a leader in the cryptography sector included the modification of the banking act to attract startup blockchain. These changes were made after local financial institutions refused to offer banking services to startups using blockchain technologies.
David Burt, the Bermuda premier explained that the government would not allow banks' reluctance to support blockchain companies. This could hamper the island's commitment to supporting and supporting new companies such as distributed ledger technology. Bermuda also aimed to become one of the nations around the world to issue a regulatory framework for Initial Coin Offerings (ICO). Burt also said in March "Bermuda has the opportunity to become a global Fintech space leader as one of the first countries in the world to specifically regulate ICOs The proposed regulatory framework will provide legal certainty to companies wishing to conduct ICO operations. in Bermuda ".
Supporting and cultivating blockchain startups and providing an environment conducive to digital resources has led to a flow of inbound investment into the island. Binance has promised to invest up to $ 5 million in blockchain startups in the country.
