Bermuda Cryptocurrency Regulation

Cryptocurrency is regulated under the Digital Asset Business Act of September 2018

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.

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