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ARTICLE · 14 AUGUST 2018

Digital Asset Business Act Marks A New Chapter In Bermuda's Fintech Revolution

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Bermuda's recently passed Digital Asset Business Act, 2018 ("DABA") adds a new layer to the Island's fintech transformation.

BermudaTechnology
Conyers
Conyers
Victor Richards
Victor Richards
William Cooper
William Cooper
Jacqueline King
Jacqueline King
David Stubbs
David Stubbs
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Bermuda's recently passed Digital Asset Business Act, 2018 ("DABA") adds a new layer to the Island's fintech transformation. The legislation, which is likely to come into force in September, covers the licensing of entities which will carry on digital asset business in or from Bermuda. It is completely separate from the new initial coin offering (ICO) legislation and its regulations, which are already in force and regulate coin and token offerings being made by Bermuda issuers for public crowdfunding purposes.

What is 'Digital Asset Business'?

As defined in the DABA, 'digital asset business' means the business of providing any or all of the following services to the general public:

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