Notice - Digital Asset Business Single Currency Pegged Stablecoins (SCPS) Consultation Guidance (2024-05-10)

Summary

This is a public notice from the Bermuda Monetary Authority announcing a consultation on new draft Guidance covering Digital Asset Business Single Currency Pegged Stablecoins (SCPS). The Guidance sets out the Authority's expectations for operators that qualify as Single Currency Pegged Stablecoin Issuers (SCPSIs). The notice itself does not impose binding rules, but invites stakeholder comment before the Guidance is finalised.

• Scope of Guidance: Applies to operators qualifying as Single Currency Pegged Stablecoin Issuers (SCPSIs) under Bermuda's digital asset business regime.
• Areas covered: Governance, risk management, market-making due diligence, backing assets, attestations and disclosures.
• Purpose: Aims to ensure SCPSIs operate prudently, supporting consumer protection, financial stability and market integrity in the digital asset ecosystem.
• Consultation process: Stakeholders are invited to submit comments via an online survey link or QR code by close of business on 9 July 2024.

As a consultation notice, this document does not yet create binding compliance obligations; it signals forthcoming supervisory expectations for stablecoin issuers and provides a window for industry feedback before finalisation.

Key obligations

• Stakeholders wishing to comment must submit their views to the BMA via the survey link or QR code no later than close of business on 9 July 2024.

Applies to

Digital asset business operators, Single Currency Pegged Stablecoin Issuers (SCPSIs)

Deadlines

• 09 July 2024: Deadline for stakeholders to submit comments on the SCPS Consultation Guidance to the BMA via the survey link or QR code, close of business.