The Digital Asset Business Act 2018 (DABA)
became operative on 10 September 2018. The initial application fee
is $2,266. Additional fees are payable upon the granting of a
licence. These fees are dependent on estimated client receipts with
annual fees calculated on the same basis thereafter.
Ancillary DABA Materials
Our
June 2018 News Alert provided details of the
activities licensed under DABA. Now that DABA is operative, it is
open for the Minister of Finance, after consulting with the Bermuda
Monetary Authority (BMA) to make regulations
prescribing anything which may be prescribed under DABA and for its
implementation generally.
Under section 5 of the DABA, the BMA is required, as soon as
practicable, to publish a statement of principles. The DABA
statement of principles will include the following:
