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 provider;
- Providing custodial wallet services provider;
- Operating as a digital asset derivative exchange provider;
- Operating as a digital asset services vendor; and
- 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 Statement of Principles
- Information Bulletin - Licence Application Process
- Head Office Guidance
- Product Due Diligence Guidance
Codes
AML
- Proceeds of Crime (AML/ATF 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
Innovation Hub
Participating Companies:
| Project Name | Project Overview | Company |
| ArCoin | Arca Insurance Company Limited (Arca) and the Bermuda Monetary Authority (BMA) will collaborate to conduct a series of structured tests of ArCoin, a digital asset security token representing shares in the Arca U.S. Treasury Fund. These tests will assess the operational efficacy, compliance adherence and practical utility of ArCoin within the regulated BMA Innovation Hub environment. | Arca Insurance Company |
| Embedded Supervision Pilot | The joint project with Chainlink Labs, Hacken, Bluprynt Inc., and Apex outlines a unified proposal to support the Bermuda Monetary Authority’s Embedded Supervision initiative. The intended outcome of this pilot is to demonstrate a comprehensive, real-time compliance and risk monitoring infrastructure that spans legal, operational, and technical layers of digital asset supervision. | Chainlink Labs, Hacken, Bluprynt Inc., and Apex |
| Embedded Supervision | RFS Consulting, in collaboration with Onchain Foundation and Gemach DAO, is advancing a regulatory-grade DeFi risk intelligence platform through the BMA Innovation Hub. The pilot provides the Bermuda Monetary Authority (BMA) with real-time supervisory visibility into stablecoins, DeFi protocols, and liquidity flows—empowering data-driven oversight without the operational burden of building internal systems. | RFS Consulting |
