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ARTICLE · 03 JULY 2024

Virtual Currencies Comparative Guide

Carey Olsen
Carey Olsen
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Virtual Currencies Comparative Guide for the jurisdiction of Bermuda, check out our comparative guides section to compare across multiple countries

BermudaTechnology
Steven Rees Davies
Steven Rees Davies
Charissa Ball
Charissa Ball
Alexandra Fox
Alexandra Fox
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1 Legal and enforcement framework

1.1 In broad terms, which legislative and regulatory provisions govern virtual currencies in your jurisdiction?

Bermuda has a digital asset sector with a specific legal and regulatory regime that governs both the issuance of digital assets and the carrying on of digital asset business activities in and from Bermuda. The Digital Asset Issuance Act 2020 (DAIA) requires any person seeking to offer digital assets to the public by way of a new issuance ('digital asset issuance') to obtain the permission of the Bermuda Monetary Authority (BMA), Bermuda's financial sector regulator. The Digital Asset Business Act 2018 (DABA) established a governing framework ('DAB Framework') that:

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