Blockchain Startup Uulala First Company To Receive ICO Approval In Bermuda

Blockchain, ICO News, News, Regulation | October 19, 2018 By:

Blockchain startup Uulala has become the first applicant to receive approval to launch an initial coin offering (ICO) in Bermuda under the island’s new regulatory regime.

Uulala is building a financial platform to solve financial problems for the unbanked population, making their financial life easier, safer and cheaper. The startup aims to provide individuals the ability to participate in secure financial transactions, create a credit profile, make money transfers, as well as receive access to entertainment and participate in e-commerce. It aims to raise $50 million in its token sale, and has already raised $10 million privately.

Wayne Gaines, Minister of National Security, announced yesterday that Uulala was awarded certification by the government at the Bermuda Executive Forum in Miami. The certification will enable Uulala to operate in the country.

The ICO Act and the Digital Asset Business Act have been passed by the House of Assembly and the Senate in May of this year. The ICO Act requires issuers to provide detailed information about “all persons involved with the ICO.” Issuers are also required disclose a review of the project, including such key aspects as the product or service, the market audience, financing system, the amount of money that is planned to be raised, and technical aspects associated with software and blockchain specifications.

Oscar Garcia, CEO of Uulala, said that it took four months for the company to get approval for its license.

“Bermuda is known as a financial hub and it is very forward thinking on blockchain and FinTech,” Garcia said. “They have a reputation of being excellent regulatory stewards and we thought that would be a better fit for us than a jurisdiction where we could say we’re good, they’d believe us and give us approval in three weeks.”