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The Bermuda Government has approved the first Initial Coin Offering (ICO) under the new regulatory regime for blockchain and cryptocurrency business, Bermuda’s Royal Gazette reports on October 18th.

The Minister of National Security Wayne Gaines declared publicly that Uulala, a fintech company, was given a certificate for operation at the Bermuda Executive Forum in Miami, Florida.

Earlier this year the Minister of Finance and Premier of Bermuda David Burt announced new regulatory measures on ICOs. These new regulations require ICO founders to provide “full information about the ICO and the people who stand behind it.”

ICO issuers must also provide a complete review of the venture, giving details of key features of the service or product, such as target audience, financial blueprints, how much money the ICO is planning to raise, and detailed technical specifications of the software and blockchain implementation.

The first ICO to meet the criteria, Uulala, strives to improve the financial microclimate for unbanked and underbanked individuals by providing services to them. The company has developed a decentralized P2P network for “loading fiat into the digital economy.”

Оnce users “load their funds into the accounts,” they will be available instantly in a virtual MasterCard for online shopping, bill payments, and cross-border transactions.

Uulala’s CEO Oscar Garcia announced the company’s plans to raise $50 million in the public token sale. Garcia also reported  that more than $10 million had been raised privately. Regulatory measures held Uilala’s ICO form launching for four months.

“Bermuda has been notorious for being a financial hub, and Bermuda government has been open to crypto and blockchain. The government does an excellent job of regulating how a company enters the digital economy cosmos.”

Bermuda has been growing its friendly environment for crypto, fintech, and blockchain-related ventures over the past year. Government actions also include amending a Banking Act, which a focuse on establishing a new type of banking, tailored to the needs of blockchain and fintech companies.

The government also announced the signing of “Memoranda of understanding” between Bermuda’s Ministry of Finance and several crypto and blockchain-related startups. These memoranda will support the digital revolution in Bermuda and offer more jobs for the residents.

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