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ARTICLE · 17 OCTOBER 2024

Bermuda Iterates On Its Digital Assets Business Supervisory Framework

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Bermuda's sole financial services regulator, the Bermuda Monetary Authority (the "BMA") has issued a consultation paper on proposed changes to its landmark digital assets...

BermudaFinance and Banking
Natalie Neto
Natalie Neto
Rachel Nightingale
Rachel Nightingale
Leonie Tear
Leonie Tear
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Key takeaways

  • In response to an ever increasing array of business models and attendant risks in the digital assets sector, the BMA is proposing amendments to enhance its supervisory framework for licensed entities.
  • Specific focus is on those who exercise 'control' over client assets but who do not offer custodial wallet services.
  • The BMA is seeking feedback on its proposals to the DABA Act by 6 December 2024.

Bermuda Monetary Authority issues a consultation paper on proposed changes to the DABA Act.

Bermuda's sole financial services regulator, the Bermuda Monetary Authority (the "BMA") has issued a consultation paper on proposed changes to its landmark digital assets licensing legislation, the Digital Assets Business Act, 2028 (as amended) ("DABA").

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