1. WHAT ARE THE SOURCES OF PAYMENTS LAW IN YOUR
JURISDICTION?
The main laws which regulate electronic payments in Bermuda are
the:
- Banks and Deposit Companies Act 1999 (Banks Act)
- Bermuda Monetary Authority Act 1969 (BMA Act)
- Electronic Transaction Act 1999 (ETA)
- Money Service Business Act 2016 (MSB Act)
With the introduction of digital assets to Bermuda the Digital
Asset Business Act 2018 (DABA) working in tandem with the statutes
listed above regulates payments made using cryptocurrencies.
2. CAN PAYMENT SERVICES BE PROVIDED BY NON-BANKS, AND IF SO, ON
WHAT CONDITIONS?
Payment services can be provided by non-banks on the condition
they have received a licence from the Bermuda Monetary Authority to
do so. The licence that will apply will depend on the type of
activities and business to be carried out by the applicant from and
within Bermuda.
