Notice - Digital Asset Business - Guidance for prospective applicants for licensing (2025-09-08)

Summary

This notice announces that the Bermuda Monetary Authority (BMA) has issued a new Guidance Note setting out its expectations for prospective applicants seeking a licence under the Digital Asset Business Act, 2018. The Guidance Note is explicitly non-binding: it is not legislation or supervisory guidance for post-licensure operations, but a general resource describing the minimum standards and supporting documentation the BMA expects to see in an application.

• Purpose: Helps prospective applicants understand which business types may fall within scope of the Digital Asset Business Act, 2018.
• Proportionality: BMA's expectations vary depending on the licence class sought (Class T, M, or F) and the nature, scale, complexity and risk profile of the proposed business.
• Application preparation: Applicants are directed to review the Guidance Note alongside the specific application forms available on the BMA website before submitting an application.

Because the Guidance Note is advisory rather than binding, this notice does not itself create new regulatory obligations for existing licensees; it is aimed at parties preparing to apply for a digital asset business licence.

Applies to

prospective applicants for a digital asset business licence, digital asset business licensees (Class T, M, or F)