The use of cryptocurrencies and initial coin offerings are becoming more and more common and raise different regulatory, legal and public policy issues. It is important to receive proper legal advice to ensure compliance with the laws of Saint Christopher and Nevis. In Nevis there has been no published ICO reference guide and there has been no legislation yet passed regulating cryptocurrencies. While it may be that legislation regulating ICOs will be passed in the future, it will likely take some time as the benefits and problems associated with blockchain technology and the use of cryptocurrencies are still unknown.
Some of the key legislation that may apply to a Nevis ICO are as follows:
- Money Services Business Act
- Eastern Caribbean Securities Act
- Payment Systems Act
- Electronic Transactions Act
- Anti-Money Laundering Regulations
- Anti-Terrorism Regulations
- Anti-Terrorism Act
Nevis head of Foreign affairs announced in mid 2018 that the country of St.Kitts & Nevis intends to embrace blockchain and cryptocurrency businesses and wishes to attract such business. The country will be hosting cryptocurrency exchanges in 2019.
One of the most difficult aspects of launching an ICO in any country is opening a bank account and opening an account in a timely manner. Many banks around the world are reluctant to take on cryptocurrency businesses. As ICOs are a relatively new concept, many jurisdictions have yet to enact legislation and government’s have been reluctant to take a position on their regulation. It is important to seek proper legal advice to ensure that your ICO complies with the laws of Saint Christopher and Nevis.
JH Marlin Law can provide a regulatory overview of cryptocurrencies in St.Christopher & Nevis and the Caribbean, can assist with the establishment of a Nevis Legal Entity, Opening a Bank Account, Review of the White Paper, review of the terms of any Pre-sale, IP Transfer Agreements/Third Party Agreements/ Public Sale and provide an overall health check of your cryptocurrency related business.
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