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The Digital Asset Business Amendment Act 2019 (“DABA Amendment Act”), which became operative on 8 October, amends the existing legislation governing digital assets businesses in Bermuda, including expanding the scope of the licensing regime to include digital assets derivatives, digital asset benchmark administrators and digital asset trust service providers. The DABA Amendment Act is intended to ensure that Bermuda remains a leading jurisdiction in the regulation of digital assets and provides a framework for the regulation of financial products for which the underlying interests are digital assets.
The amendments to the Digital Asset Business Act 2018 (“DABA”) were passed by the Bermuda Parliament on 2 October. The DABA Amendment Act makes provision for the enhancement of oversight by the Bermuda Monetary Authority (BMA) of digital asset service providers and brings the following into scope of those requiring a licence from the BMA to conduct digital assets activities in Bermuda:
In addition, the DABA Amendment Act overhauled the concept of “electronic exchanges” and introduced instead two forms of exchanges: digital asset exchanges and digital asset derivative exchanges.
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Bermuda Amends Licensing Regime for Digital Assets Businesses