A digital asset business wishing to obtain a licence
under the Digital Asset Business Act 2018 will become acquainted
with three magic words: nature, scale and complexity.
In various forms these terms are used throughout Bermuda's
legislative framework with regard to digital assets, including in
the Act — and in the Code of Practice and the Digital Asset
Custody Code of Practice, which were made pursuant to the Act.
This column focuses on the concept of the "proportionality
principle" described in the above codes, together referred to
as the "Codes".
As the island's financial regulator, the Bermuda Monetary
Authority supervises, regulates and inspects financial institutions
operating in the jurisdiction.
