The Bermuda Monetary Authority has published a consultation paper on a proposed Payment Services Act 2025 that would establish a standardised regulatory regime for Payment Service Providers, centred on risk-based supervision and enhanced licensing requirements. The proposals aim to address risks in the payment ecosystem, with a particular focus on systemic resilience, customer protection and fair market competition. The consultation builds on the Authority’s April 2025 discussion paper by setting out a more detailed description of payment-related activities and a proposed multi-tier licensing model intended to strengthen security while recognising technological innovation and aligning with international best practices. Industry and other stakeholders can submit feedback by close of business on 13 October 2025.
Bermuda Monetary Authority 2025-08-29
Bermuda Monetary Authority consults on Payment Services Act 2025 introducing a multi-tier licensing regime for payment service providers
The Bermuda Monetary Authority has released a consultation paper on the proposed Payment Services Act 2025, aiming to create a standardised regulatory framework for Payment Service Providers. The proposals focus on risk-based supervision, enhanced licensing, systemic resilience, customer protection, and fair market competition. The paper outlines a multi-tier licensing model to bolster security and align with international best practices.