Velocity Ledger Holdings Limited (VLHL) ICO Gets Green Light From Bermuda's Ministry Of Finance

A press release published yesterday has confirmed that Velocity Ledger Holdings Limited ”VLHL” has been approved to conduct an initial coin offering “ICO” by the Ministry of Finance of Bermuda.

Currently, VL Financial is engaged with the Bermuda Monetary Authority (BMA), which regulates the financial sector, to obtain the required licenses to operate. After BMA’s approval, they would operate a digital asset exchange in Bermuda supporting asset-backed investment and real estate tokens.

Notably, VL Tech is a private blockchain enabled platform for the generation of tokenized assets, secondary trading and settlement of trades. It is a comprehensive technology solution that operates as Software-as-a-Service [SAAS]. The participants using the tech will require the owner of tokens.

This approval of the ICO was possible because of BMA’s draft regulation titled “Digital Asset Custody Code of Practice,” released last December. This was one of the amendments that had catapulted Bermuda to the top of Blockchain destination.

The press release states:

“VL tokens may be used for payment for licensing VL technology platform and services. Benefits include revenue sharing and monthly distribution of newly minted tokens to stakeholders. The VL token sale was approved on March 22, 2019, and is expected to commence in the middle of April, through July of 2019.”

Shawn Sloves, CEO of Velocity Ledger 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.”

Bermuda’s premier David Burt said:

“Velocity Ledger represents the exact kind of company that Bermuda is pleased to attract. They have a traditional finance industry pedigree and are building solutions for the institutional finance market. Their platform will showcase the potential of what Fintech and Bermuda have to offer. I am pleased that they have been granted a license to issue an ICO and will be proceeding to apply for a Digital Asset Business License. I look forward to them developing their business and creating jobs in Bermuda.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Sritanshu Sinha
Sritanshu Sinha
Sritanshu has a keen interest in emerging technologies, startups and economic anthropology. He holds the view that cryptocurrencies are the best bet humanity has got to push the world towards a borderless economy.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,273FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today