In Bermuda, cryptocurrency is regulated under the Digital Asset Business Act of September 2018. Under the act, a digital asset business is defined as any business that issues, sells or redeems virtual coins, tokens or other digital assets; operates as a payment service provider business utilizing digital assets for the transfer of funds, operating as an electronic exchange; providing digital asset wallet services; operating as a digital asset services vendor.
Digital asset businesses are regulated and overseen under the authority of the Bermuda Monetary Authority. Under the Bermuda Monetary Authority, digital asset businesses are regulated in a similar way to insurance companies.
The Digital Asset Business Act grew out of the task force launched by the Bermuda government in 2017.
