The Digital Asset Business Amendment Act 2019 (DAB
Amendment Act) was brought into force on 8 October 2019
and amends the Digital Asset Business Act 2018
(DABA) to adapt to market expectations and ensure
the regulatory regime remains fit for purpose. The DABA legislation
regulates digital asset business carried on in or from within
Bermuda and protects the interests of clients or potential clients
of persons conducting digital asset business.
The most noteworthy updates contained within the DAB Amendment
Act are with respect to the expansion of the scope of regulated
digital asset business activities, a brief summary of which is set
out as follows:
- The definition of
"exchange" was replaced with "digital asset
exchange" which means a centralized or decentralized
electronic marketplace used for digital asset issuances,
distributions, conversions and trades, including primary and
secondary distributions, with or without payment. Under DABA,
operating such an
