The minister, Wayne Caines, gave the presentation to a standing-room-only audience. Next month, the Virtual Currency Business Act is scheduled for discussion.

Virtual Currency Law Proposed
The Virtual Currency Business Act has been proposed despite the fact that there are no examples to follow, said Kevin Anderson of the Bermuda Monetary Authority, the financial-services regulator.

The act will be a "shining example" for what Bermuda can accomplish, he said. A 150-page paper on the Virtual Currency Business Act was posted on the BMA's website. Feedback must be submitted by May 2.

The VCBA defines "virtual currency business" as the provision of the following activities: issuing, selling or redeeming virtual coins, tokens or any other form of virtual currency. This would include an ICO business on behalf of customers. The act would also cover payment service providers, defined as: "a person whose business includes the provision of services for the transfer of funds."