According to the Royal Gazette, Bermuda has officially legalized Initial Coin Offering (ICO) application for the first time.
It’s reported that fintech company Uulala was awarded certification by the Bermudan government at the Bermuda Executive Forum in Miami.
The head of Uulala, Oscar Garcia, said his startup expects to raise $50 million dollars via its token sale, and has already raised $10 million privately.
Garcia said:
“We are looking at operating from Bermuda. The Bacardi story resonated with us — a group of Cuban Latinos who went to Bermuda and established their headquarters there. We are looking at doing something similar.”
Previously, the state government of Bermuda announced plans to amend the law on banking activities in order to create a new class of financial institutions that would provide services to fintech and blockchain companies.
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