The government of Bermuda has approved the release of the first ICO under the new islands regulation about cryptocurrency and the blockchain businesses.
The Minister of National security Wayne Gaines announced, that Uula, a fintech company, is the one that got a certification by Bermuda government.
In July, there was introduced a new ICOs regulation and new guidelines about ICOs were accepted. According to them, now, all persons, involved with the ICOs, will have to provide more information about their activities.
They will have to disclose a review of the projects, where they should specify the details of the main aspects of the product of a project to the market audience, the sums that are planned to be raised, technical aspects of project, such as software or the applied blockchain specs.
Uula is aiming to provide financial services to unbanked and underbanked people. now, the firm has developed a peer-to-peer network that will allow participants to deposit and withdraw funds without paying additional commissions.