Bermuda Regulatory Update: Q4 2020

Bermuda continued its brisk roll out of legislative and regulatory changes right up until the end of 2020 and we have included in this update an overview of the most significant changes which took place during the last quarter of 2020. These changes serve to highlight the pro-active nature of the regulator in seeking to improve its supervisory and regulatory functions as well as the adoption of legislation to introduce further business efficiencies and to allow Bermuda to retain its competitive advantage.

Digital Asset Business Amendment Act 2020 and Digital Asset Issuance Rules 2020

The Digital Asset Business Amendment Act 2020 (DABA Amendment 2020) became operative on 11 December 2020 and aims to give greater clarity to certain provisions, and improve the overall administration, of the Digital Asset Business Act 2018 (Act). In doing so, the DABA Amendment 2020 will establish a new testing licence, repeal and replace some definitions, extend the Bermuda Monetary