This is the write up from Bebi Electronics on the subject. They reference Annex I Paragraph 9 of the COLREG's.
Bebi Electronics-What Our Marine RV & Off Grid LED Specifications Mean
I looked up the associated COLREG's and was suitably convinced in the safety and legality of the device so I went ahead and bought one of their sources for my anchor light and my stern light.
My steaming (masthead) light is incandescent since I'll always have the engine running, but when it blows, I very well may replace it with an LED for durability. I may consider a more "warm-white" type LED when that time comes, if I can get one that is bright enough.
I'm not at all worried about the color of the masthead or stern lights. If anyone mistakes my 30 LED anchor light with a star they have recently seen, they better be in the market for some frankincense.