Bermuda Government Approves ICOs for US-based Uulala for the First TimeOctober 21, 2018
Uulala is the first fintech Company to fulfill the Bermuda Government standards for launching the cryptocurrency ICO.
Uulala has got the approval from the Bermuda Government to launch its cryptocurrency ICO. This is the first company from the United States to get the approval.
The current approval is based on the new regulatory framework of Bermuda government. The currency regulatory framework came in to existence early this year.
The Royal Gazette, reported the approval in an announcement that was made at the Bermuda Executive Forum that was held in Miami in the US on October 18, 2018.
Wayne Caines, Minister of National Security stated that the approval was a starting point for the Island.
Garcia who commented on the Uulala announcement stated: “It is indeed an honor to be the first company to have meet the Bermuda standard. We are looking forward to be the ambassadors for this global financial hub in the blockchain and fintech space as we accomplish the mission of helping several millions of the underserved.”
Oscar Garcia, Uulala’s CEO stated that the aim of the firm was to raise $50 million via its IC. The major purpose according to the CEO was to reach to the underbanked and unbanked masses. And as well to make the financial tools readily available to the masses. Garcia, further stated that the company primarily raised $10 million privately.
The Uulala team is considering the starting of the operation on the Island. The CEO of Uulala stated that the prestigious financial status of the Bermuda Island attracted the company to seek its approval there. The approval process for the ICO took nearly 4 months.
Islands are particularly attracting digital assets trading platforms to seek regulatory approval based on their regulatory framework. Several countries across the world are beginning to accept the blockchain technology and the cryptocurrency. Therefore, the Island principalities are being considered to be a safe haven by several cryptocurrency businesses. There are islands that have strong ambitions to become the cryptocurrency hub of the world.
Malta is one such Island that has attracted major cryptocurrency businesses towards it. The cryptocurrency friendly climate of Malta attracted several cryptocurrency trading platforms like Binance, OKEx etcetera. BitBay of Poland have announced its move to the Island. Malta was the first country that offered a legislative framework to regulate blockchain following three crypto bills. Recently, the Malta Island announced that their cryptocurrency regulations will take effect in November.
Antigua and Barbuda and islands apart from Malta to be hailed as a cryptocurrency-friendly country. Calvin Ayre, Bitcoin proponent in the year 2017, built the $100 million worth Ayre Resort in Antigua during the first financial quarter. This project was completely funded by digital currency.
The British Overseas Territory, based in Gibraltar, has as well announced plans to regulate the ICOs.