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ARTICLE · 07 MAY 2025

What You Need To Know About Bermuda's New Digital Identity Service Provider Regime

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In November 2024, the Bermuda Monetary Authority (the "BMA") released a consultation on a proposed new framework for the licensing and supervision of providers of non-governmental digital identities...

BermudaFinance and Banking
Leonie Tear
Leonie Tear
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Key Takeaways

  • A new licensing regime for digital identity service providers is to be introduced in Bermuda.
  • The new licensing regime should pave the way for a smoother CDD journey for consumers, without compromising Bermuda's high AML/ATF standards.
  • The tiered licensing regime will be mandatory for businesses that provide digital identity services.

The key role for DISPs is in the onboarding journey for consumers in financial services.

Introduction

In November 2024, the Bermuda Monetary Authority (the "BMA") released a consultation on a proposed new framework for the licensing and supervision of providers of non-governmental digital identities for individuals in Bermuda, digital identity service providers or "DISPs".

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