DIGITAL ASSET BUSINESS

Welcome to the BMA's Digital Asset Business (DAB) webpage.

With the passing of the Digital Asset Business Act 2018, Bermuda created one of the world’s first DAB regimes. We pride ourselves on our ability to iterate on our framework, meet evolving market demands, and continue to support the growth of the DAB ecosystem both locally and internationally.

The BMA currently offers three types of DAB licences that enable entities to conduct activities that fall under the Digital Asset Business Act 2018 (listed below): the Test “T” Licence, for those seeking to test their proof of concept; the Modified “M” Licence for those seeking to expand operations for a limited period and the Full “F” Licence for companies seeking to provide any or all of the following DAB activities:

• Issuing, selling or redeeming virtual coins, tokens or any other form of digital asset;
• Operating as a payment service provider business utilising digital assets which includes the provision of services for the transfer of funds;
• Operating as a digital asset exchange
• Operating as a digital asset trust services
• Providing custodial wallet services
• Operating as a digital asset derivative exchange provider
• Operating as a digital asset services vendor
• Operating as a digital asset lending or digital asset repurchase transactions service provider

Details on these licences, as well as other important legislative and regulatory documents can be found below.