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Bermuda’s recently passed Digital Asset Business Act, 2018 (“DABA”) adds a new layer to the Island’s fintech transformation. The legislation, which is likely to come into force in September, covers the licensing of entities which will carry on digital asset business in or from Bermuda. It is completely separate from the new initial coin offering (ICO) legislation and its regulations, which are already in force and regulate coin and token offerings being made by Bermuda issuers for public crowdfunding purposes.
Indeed, when drafting the DABA, the Government, the BMA and their advisors looked at not only many of the recommendations which had been set out by the Financial Action Task Force (FATF) and the OECD, but also at Bermuda’s already tried and tested insurance legislation. Bermuda is the second largest reinsurance jurisdiction in the world, after Lloyd’s of London, with legislation and regulations which are Solvency II equivalent.
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Digital Asset Business Act Marks a New Chapter in Bermuda’s Fintech Revolution