Notice - Consultation Paper - Proposed Payment Services Act 2025 (2025-08-29)

Summary

This is a BMA notice announcing a Consultation Paper on a proposed Payment Services Act 2025, which would create a new standalone regulatory regime for Payment Service Providers (PSPs) in Bermuda. It follows an earlier Discussion Paper issued in April 2025 and invites stakeholder feedback on detailed proposals before any legislation is finalised.

• Purpose: Establish a standardised, risk based regulatory regime for Payment Service Providers, with enhanced licensing requirements and alignment with international best practices.
• Scope of proposals: Provides a comprehensive overview of payment related activities and proposes a multi tier licensing model intended to strengthen security and foster innovation.
• Policy focus: Systemic resilience, customer protection and fair market competition within the payment ecosystem.
• Status: This is a consultation only; the Payment Services Act 2025 is a proposal and not yet enacted or in force.

Industry members and other stakeholders are invited to comment on the proposals by emailing fintech@bma.bm by close of business on 13 October 2025. No obligations are currently imposed on entities; this document solicits feedback ahead of possible future legislation.

Key obligations

• Stakeholders wishing to respond must submit feedback on the Consultation Paper to fintech@bma.bm by close of business on 13 October 2025.

Applies to

Payment Service Providers (PSPs), industry stakeholders in Bermuda's financial services sector

Deadlines

• 13 October 2025: Deadline for industry and stakeholders to submit feedback on the Consultation Paper by emailing fintech@bma.bm