The Bermuda Monetary Authority has published a Guidance Note setting out its expectations for firms seeking a licence under the Digital Asset Business Act 2018. The document is intended as a resource for prospective applicants, including those whose activities may fall within the Act’s scope, and outlines the minimum standards and supporting documentation the Authority expects to see in an application. The Guidance Note is not legislation, binding rules, or supervisory guidance for post-licensing operations, and is presented as a non-exhaustive guide for applicants. Application assessments will apply a proportionality principle, with expectations varying by licence class (Class T, M, or F) and by the nature, scale, complexity, and risk profile of the proposed business; applicants are expected to tailor submissions accordingly and also consider the requirements set out in the application forms available on the Authority’s website.
Bermuda Monetary Authority 2025-09-08
Bermuda Monetary Authority issues guidance for Digital Asset Business Act licence applicants
The Bermuda Monetary Authority has issued a Guidance Note detailing expectations for firms applying for a licence under the Digital Asset Business Act 2018. The note outlines minimum standards and documentation required, with assessments applying a proportionality principle based on licence class and business specifics. It serves as a non-binding resource for prospective applicants.