Bermuda Updates its Digital Asset Business Regulatory Regime
The Digital Asset Business Amendment Act 2019 (DAB Amendment Act) was brought into force on 8 October 2019 and amends the Digital Asset Business Act 2018 (DABA) to adapt to market expectations and ensure the regulatory regime remains fit for purpose. The DABA legislation regulates digital asset business carried on in or from within Bermuda and protects the interests of clients or potential clients of persons conducting digital asset business. Amendments include the expansion of DABA to include clarity over market makers, digital asset benchmark administrators, digital asset trust services, and digital asset derivative exchange providers.