What Digital Asset Business Act 2018 (Bermuda) requires
Bermuda's Digital Asset Business Act 2018 regulates digital asset business carried on in or from within Bermuda under the supervision of the Bermuda Monetary Authority (BMA). Section 2(2) defines digital asset business as providing any of five activities to the general public: issuing, selling or redeeming digital assets; operating as a payment service provider using digital assets; operating as an electronic exchange; providing custodial wallet services; and operating as a digital asset services vendor. Section 10 prohibits carrying on digital asset business without a licence and sets criminal penalties, Section 13 governs the BMA's grant or refusal of an application against the Schedule 1 minimum criteria, and Section 14 lets the BMA determine the class of licence (the classes under Section 12(3) being a Class F licence and a Class M licence).
Pillar: Crypto & Sovereign Finance · Authority: Bermuda, Bermuda Monetary Authority (BMA); Parliament of Bermuda · Version: 1.0.0 · Last updated:
Primary source: https://www.bma.bm/viewPDF/documents/2023-11-14-11-11-48-Digital-Asset-Business-Act-2018.pdf
SHA-256 integrity: de819997e2e53599e4522d378d499963ec03b7c899921ea12ec379001304b0ae
Primary Citations — 7 traced to source
- Digital Asset Business Act 2018 (Bermuda), Section 2(2) (definition of digital asset business; five activities (a)-(e))
- Digital Asset Business Act 2018 (Bermuda), Section 10 (restriction on carrying on digital asset business without a licence; offence and penalties)
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