The Digital Asset Business Amendment Act 2019 (the "DABA
Amendment Act") was approved by the Bermuda Parliament on 2
October 2019 and, once operative, will bring eagerly awaited
amendments to the existing licensing framework for digital assets
businesses in Bermuda.
The DABA Amendment extends the scope of digital asset business
activities that are captured under the Digital Assets
Business Act, 2018 ("DABA") and which require a licence
from the BMA to conduct such activities in Bermuda.
The key amendments to DABA under the DABA Amendment Act include:
» regulation of persons who operate a 'digital asset
derivative exchange' and provide the services of (a) creating,
selling or otherwise entering into digital asset derivatives
contracts; and (b) clearing and settlement of digital asset
derivatives. 'Digital asset derivatives' include contract
for differences, options, swaps and futures contracts, based on a
digital assets underlying interest; » regulation of
