The government of Bermuda is developing a bill on the formal implementation of rules for initial coin offerings (ICO), which will legalize the ICO campaigns. The British Prime Minister and Finance Minister David Burt said that he hoped that this step would attract more financial companies to the region.

Presenting the bill earlier this week, the finance minister of this overseas territory of Great Britain in the northwestern Atlantic Ocean David Burt said that Bermuda has a chance to become an example for other countries in the field of ICO.

Bermuda has an opportunity to become a global leader in the fintech space by being one of the first countries in the world to specifically regulate ICOs. The proposed regulatory framework will provide legal certainty to companies looking to conduct ICOs in Bermuda”.

The ICO’s regulatory Initiative hopes to attract talent and capital from all over the world to the British Overseas Territory. Migration of cryptocurrency business will not only be a source of income, but will also provide employment opportunities. Moreover, ICO rules could also improve the negative image of ICO in the eyes of "traditional" investors.