ARTICLE · 14 SEPTEMBER 2018

Bermuda Digital Assets Business Act Comes Into Force

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Bermuda has a long-standing reputation for conservative and effective supervision and regulation in the financial services sector and currently operates one of the largest (re)insurance markets in the world.

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Rachel Nightingale

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Bermuda has a long-standing reputation for conservative and effective supervision and regulation in the financial services sector and currently operates one of the largest (re)insurance markets in the world. The approach of the financial service sector's regulatory authority, the Bermuda Monetary Authority (the "BMA") and the Bermuda Government has historically been to collaborate with industry to actively foster innovation within the regulatory environment.

The Bermuda Government is now well underway to implementing its strategy, announced in November 2017, to embrace blockchain technology and digital currencies, with a view to leveraging the island's significant expertise in regulatory management and to introduce pioneering legislation designed to create regulatory certainty, investor confidence and compliance with international standards.

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