Bermuda’s Digital Asset Business Regulatory Regime
The Digital Asset Business Act 2018 (DABA) is Bermuda’s latest development in establishing a comprehensive legislative and regulatory framework designed to support and facilitate growth in the financial technology (Fintech) sector. Bermuda has implemented digital asset business legislation in the form of the Digital Asset Business Act 2018, as well as prudential rules including the Digital Asset Business (Client Disclosure) Rules 2018, the Digital Asset Business (Cybersecurity) Rules 2018, and the Digital Asset Business (Prudential Standards) (Annual Return) Rules 2018. 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 carrying on the business of digital asset business.