Our Bermuda office advises on Bermuda’s first regulated prediction market

Our Bermuda office is proud to have acted on behalf of Glimpse Ltd. on the licensing of Bermuda's first crypto based prediction market, a landmark moment for Bermuda and reflective of the Island's commitment to innovative fintech products.

A prediction market is a platform that allows users to trade event contracts, being contracts that pay out on the outcome of events such as economic indicators, commodities prices, or digital asset price volatility with market prices reflecting the collective 'wisdom of the crowd'.  These markets have long been viewed as powerful tools for aggregating real time sentiment and forecasting probability. Bringing event contracts on chain represents the next evolution of this concept. Glimpse's particular model focuses on where you can trade event contracts with Bitcoin and relate exclusively to the price of Bitcoin.

Our team, lead by fintech partners Rachel Nightingale and Leonie Tear and supported by Natalie Neto, Joshua Bradbury and Kaleb Philips guided the client through engagement with multiple Bermuda Government regulatory bodies, ensuring compliance across all applicable licensing and supervisory frameworks. This successful approval process demonstrates that Bermuda remains open, collaborative and forward looking when it comes to novel digital asset products and emerging market structures.

Rachel commented: 'We are pleased to have advised Glimpse in connection with the launch of the first regulated prediction market in Bermuda. The successful authorisation of the platform underscores Bermuda’s commitment to maintaining a robust, forward-looking regulatory regime capable of accommodating emerging technologies.'

Leonie shared: 'Working with Glimpse to ensure that its event contracts are treated as digital asset derivatives, rather than gaming products, alongside the Bermuda Monetary Authority and the Gaming Commission, has been incredibly rewarding.' 

The launch of this first of its kind platform represents a significant step in the evolution of Bermuda’s digital asset ecosystem. It highlights not only our client’s ambition, but the Bermuda Government’s ability to responsibly embrace new technologies while maintaining a robust regulatory environment.