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.”