Analysis
Bermuda's Three Crypto Licence Classes, and Who Holds Each
Full, modified and test digital asset business licences under the DAB Act 2018.
The short version: The BMA register shows 28 full (Class F), 15 modified (Class M) and 7 test (Class T) licences (BMA register).
The Rules in Brief
- The law. Digital asset business in or from Bermuda is licensed by the BMA under the Digital Asset Business Act 2018 (BMA).
- Three licence classes. The Test “T” Licence is for those testing a proof of concept; the Modified “M” Licence for those expanding operations for a limited period; the Full “F” Licence for companies providing any or all DAB activities (BMA).
- Activities. Issuing, selling or redeeming digital assets; payment services using digital assets; operating a digital asset exchange; trust services; custodial wallets; derivative exchanges; services vendors; and lending or repurchase services (BMA).
Summary of the BMA page linked. Not legal advice.
Test Licences
24X Bermuda Limited, Berpay Ltd, DerivaDex Bermuda Ltd., Excellar International SAC Ltd., Glimpse Ltd., Juno Moneta Bermuda Limited, Nimble Insurance, Ltd..
Modified Licences
Apex Fund Services Ltd., CEX.IO Digital Ltd., Cor Prime ISA II Ltd., Cor Prime ISAC Ltd., FXCH [Bermuda] Ltd., Haycen Bermuda Limited, Kimber Digital Assets Bermuda ISAC Ltd, Meli ISA Ltd., Meli ISAC Ltd., Nest nONRE ISA Ltd, Stablehouse Ltd., Stillman Digital Bermuda Ltd., Triangle Digital Ltd., Twin Finance Bermuda Ltd., VNX Global Ltd..
Sources
- BMA, Search the regulated entities www.bma.bm
- BMA, Digital Asset Business www.bma.bm