The Cayman Islands, Bermuda and the British Virgin Islands are
three of the world's largest offshore jurisdictions. All three
have ambitions to be global technology hubs and have taken steps in
recent years to become attractive destinations for technology
entrepreneurs, particularly those looking to launch, host and
develop digital assets using blockchain technology. Set out below
are some of the most recent changes in each jurisdiction:
Bermuda
Digital Asset Business Act – Statement of
Principles
In September 2018, the Bermuda Monetary Authority (the
"BMA") released their statement of
principles pursuant to section 5 of the Digital Asset Business Act
2018 (the "DABA"). Before a licence may
be granted to a digital asset business company, the BMA needs to be
satisfied that the criteria under schedule 1 of the DABA are
satisfied or are capable of being satisfied. Once licensed, digital
asset businesses are subject to the authority's continuing
supervision and
