Notice - Payment Services Provider Regulatory Framework Discussion Paper (2025-04-15)

Summary

This is a BMA notice announcing publication of a Discussion Paper (DP) on a proposed regulatory framework for Payment Service Providers (PSPs) in Bermuda. It is an informational notice inviting industry feedback, not a binding rule or amendment.

• Purpose: Standardise the regulatory regime for PSPs using risk-based regulation, enhanced licensing, and alignment with international best practices.
• Scope: Covers payment-related activities and proposes a multi-tiered licensing model for PSPs.
• Goals: Address systemic safety, customer protection, market competition, and support innovation and security in the payments landscape.
• Action requested: Industry and other stakeholders may submit feedback and comments on the DP's proposals to fintech@bma.bm.

No new requirements are imposed by this notice itself; it solely solicits public comment on the proposed framework ahead of any future rulemaking.

Applies to

Payment Service Providers (PSPs), industry stakeholders

Deadlines

• 15 May 2025: Deadline (close of business) for industry and stakeholders to submit feedback and comments on the Discussion Paper to fintech@bma.bm