The Bermuda Monetary Authority (BMA) recognizes the importance
of actively monitoring its laws and regulations to ensure harmony
with the undertakings which it regulates. As such, the BMA issued
guidance on 8 June 2021 relating to the Digital Asset Business
(DAB) sector in Bermuda, and more specifically, (i) helpful FAQs on
the Digital Asset Business Act 2018 (DABA), (ii) guidance on the
head office requirements under DABA, and (iii) guidance on the
expected product due diligence to be conducted under DABA
(collectively, the Guidance). The BMA's commitment
to providing a comprehensive framework and working with industry to
ensure Bermuda's Fintech sector continues to thrive has been
further solidified by their recent development of the May 2021
Guidance. Not only is this Guidance beneficial to existing licensed
undertakings, by providing clarity on their ongoing requirements
and any potential future changes to their DAB License, but it
provides transparency on how the
