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

Summary

This is a consultation notice from the Bermuda Monetary Authority (BMA) announcing draft Guidance on Digital Asset Business Single Currency Pegged Stablecoins (SCPS). It is not yet a binding rule; the BMA is inviting stakeholder feedback on the proposed expectations before finalising the Guidance.

• Who it targets: Operators qualifying as Single Currency Pegged Stablecoin Issuers (SCPSIs) under Bermuda's digital asset business regime.
• Topics covered by the draft Guidance: Governance, risk management, market-making due diligence, backing assets, attestations and disclosures.
• Purpose: To set prudential expectations for SCPSIs aimed at consumer protection, financial stability and market integrity.
• Action requested: Stakeholders are invited to submit comments via an online survey link or QR code by the stated deadline.

No obligations are yet in force; this is a consultation stage and licensees/operators are only asked to provide feedback rather than comply with new requirements at this time.

Key obligations

• Stakeholders wishing to comment must submit feedback digitally via the provided survey link or QR code no later than close of business on 09 July 2024.

Applies to

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

Deadlines

• 09 July 2024: Deadline for stakeholders to submit comments on the draft SCPS Guidance to the BMA via survey link or QR code.