Your web browser is out of date. Update your browser for more security, speed and the best experience on the Bermuda Monetary Authority.


Welcome to the BMA's Digital Asset Business (DAB) webpage.

With the passing of the Digital Asset Business Act 2018, Bermuda created one of the world’s first DAB regimes. We pride ourselves on our ability to iterate on our framework, meet evolving market demands, and continue to support the growth of the DAB ecosystem both locally and internationally.

The BMA currently offers three types of DAB licences that enable entities to conduct activities that fall under the Digital Asset Business Act 2018 (listed below): the Test “T” Licence, for those seeking to test their proof of concept; the Modified “M” Licence for those seeking to expand operations for a limited period and the Full “F” Licence for companies seeking to provide any or all of the following DAB activities:

  • Issuing, selling or redeeming virtual coins, tokens or any other form of digital asset;
  • Operating as a payment service provider business utilising digital assets which includes the provision of services for the transfer of funds;
  • Operating as a digital asset exchange
  • Operating as a digital asset trust services
  • Providing custodial wallet services
  • Operating as a digital asset derivative exchange provider
  • Operating as a digital asset services vendor
  • Operating as a digital asset lending or digital asset repurchase transactions service provider

Details on these licences, as well as other important legislative and regulatory documents can be found below.


  •  Digital Asset Business Exemption Order 2023
  •  Digital Asset Business Accounts Rules 2021
  •  Schedules - Digital Asset Business Account Rules
  •  Digital Asset Business Prudential Standards Annual Return Rules 2018
  •  Digital Asset Business (Client Disclosure) Rules 2018
  •  Digital Asset Business Cyber Risk Rules 2023


  •  Digital Asset Business Statement of Principles
  •  Information Bulletin - DAB Application Process (February 2024)


  •  Digital Asset Business - Code of Practice (February 2024)
  •  Digital Asset Business - Operational Cyber Risk Management - Code of Practice
  •  Digital Asset Custody - Code of Practice (2024)
  •  Proceeds of Crime Anti-Money Laundering and Anti-Terrorist Financing Regulations 2008
  •  BMA Guidance Notes for AML/ATF Regulated Financial Institutions on AML/ATF Financing 2016
  •  BMA Annex VIII Sector-Specific Guidance Notes for Digital Asset Business
  •  International Sanctions Regulations 2013
  •  Ministry of Legal Affairs – Financial Sanctions Implementation Unit Financial Sanctions Guidance


Relevant Regulations
  •  Bermuda Monetary Authority (Financial Institutions) (Control) Regulations 1994
feedback icon