Regulators in Bermuda Approves ICO for Velocity Ledger

Wilfred Michael 

Wilfred Michael

News reporter

11 April 2019,
11:52
Regulators in Bermuda Approves ICO for Velocity Ledger

According to a press release published on April 10, Velocity Ledger Holdings Limited (VLHC), a trading company based in Bermuda has received approval from the country's Ministry of Finance to conduct its ICO later this year.

The company is poised to establish a digital asset exchange that would allow investors to trade crypto assets including asset-backed tokenized securities such as real estate tokens.

An integral feature of the proposed exchange would be VL tokens which the firm says will guarantee investors access to services that they provide as well as revenue sharing and distribution of newly created tokens.

As per the release, the startup's subsidiary VL Financial is now closely working with the Bermuda Monetary Authority (BMA) to acquire the relevant licenses for setting up the new trading venue, although no timeline on when that will happen was provided.

While sharing his thoughts about the latest milestone for his firm, VLHC's CEO Shawn Sloves preferred to focus more on the efforts of Bermudian regulatory to create a stable crypto ecosystem and the country's potential to become a global leader for blockchain technology. He said,

“Bermuda has adopted pragmatic, non-restrictive frameworks for digital assets that provide regulatory certainty to market participants. Bermuda will be a focal point for blockchain initiatives globally.”

As Stmarket.co had reported in previous times, Bermuda is one but the only country that has provided improved regulatory conditions for cryptocurrency startups operating within its jurisdiction.

Within the last month, for instance, we reported that regulators in countries such as Lithuania, Pakistan, Switzerland, France, and Canada are working to provide clear rules for crypto startups in their respective regions.

Additionally, several other countries are expected to release crypto regulatory frameworks in 2019, as the industry continues on the path to maturity.

 

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