The Bermuda Monetary Authority published a discussion paper proposing a new regulatory framework for payment service providers that would standardise the supervisory regime and update licensing as the payments landscape evolves. The proposed approach centres on risk-based regulation and enhanced licensing processes, with provision for technological advancement and alignment with international best practices. It outlines a comprehensive view of payment-related activities and targets key risks including systemic safety, customer protection and market competition, supported by a multi-tiered licensing model intended to balance innovation and security. Feedback on the discussion paper is invited by close of business on 15 May 2025.
Bermuda Monetary Authority 2025-04-15
Bermuda Monetary Authority consults on a standardised multi-tier licensing framework for payment service providers
The Bermuda Monetary Authority released a discussion paper proposing a new regulatory framework for payment service providers, focusing on risk-based regulation and enhanced licensing processes. The framework aims to standardize supervision, accommodate technological advancements, and align with international best practices, addressing systemic safety, customer protection, and market competition. A multi-tiered licensing model is proposed to balance innovation with security.