Information Bulletin Digital Asset Business Application Process

Summary

This BMA Information Bulletin explains the practical process for submitting a Digital Asset Business (DAB) licence application under the Digital Asset Business Act 2018 (DABA), including timing, documentation, fees and what applicants can expect from the Authority's Assessment and Licensing Committee (ALC) review.

• Weekly cutoff: Completed applications must reach the Authority by 5:00 p.m. on a given Thursday to be considered by the ALC on the Thursday four weeks later; late submissions may delay review.
• Submission method: Applications are e-mailed to FinTech@bma.bm (no hard copies needed); large files require contacting FinTech for secure-drive instructions.
• Language: All documents in a DAB application must be provided in English.
• Correct form: Applicants must use the correct application form for the class of licence sought: Test (T), Modified (M) or Full (F).
• Missing documentation: If required documents cannot be provided, applicants must submit a written explanation for the omission; incomplete applications may be deferred or deemed insufficient.
• Fees: Application fees must be paid at the same time as the application: $1,000 for a T licence, $2,266 for an M licence, and $2,266 for an F licence.

The bulletin also sets out indicative processing timelines once an application is filed, from initial acknowledgement through to presentation to the ALC, and notes that a complete application does not guarantee approval, as applicants must still meet DABA's minimum licensing criteria.

Key obligations

• Submit completed DAB applications to FinTech@bma.bm no later than 5:00 p.m. on the relevant Thursday to be considered by the ALC four weeks later
• Ensure all documents in the application are provided in English
• Use the correct licence-specific application form (T, M, or F)
• Provide a written explanation for any required documentation that is missing or not applicable
• Pay the applicable application fee concurrently with submission of the application ($1,000 for T licence; $2,266 for M or F licence)

Applies to

Digital Asset Business (DAB) applicants, entities seeking licensure under the Digital Asset Business Act 2018

Deadlines

• 5:00 p.m. on the relevant Thursday: Deadline for submitting a completed DAB application to be considered by the ALC on the Thursday four weeks later
• Within two business days: Authority sends confirmation of receipt and assigns a case manager, and returns the completed application for signature
• Within three business days: Authority confirms whether the application is complete or specifies missing documents
• Within ten business days: Case manager contacts applicant to discuss the application and any substantive review questions
• Within 20 business days following the first Friday after the application is received: Complete application is presented to the ALC for a decision