Notice - Stakeholder Letter - Conduct of Business Regulatory Regime: Digital Asset Business Act 2018 Code of Practice and Client Disclosure Amendment Rules 2023 (2023-02-08)

Summary

This is a short notice from the Bermuda Monetary Authority informing digital asset business stakeholders that it has finalised and published its response letter to the October 2022 public consultation on a proposed updated Digital Asset Business Act 2018 Code of Practice and draft Digital Asset Business (Client Disclosure) Amendment Rules 2023. It does not itself introduce new binding rules; it explains the consultation outcome and next steps.

• Background: The Authority is developing a conduct of business regulatory framework intended to improve customer protection for users of regulated financial institutions, including digital asset businesses.
• Status of documents: The updated Code of Practice and the Client Disclosure Amendment Rules were put out for consultation in October 2022; the stakeholder response letter reviewing feedback is now finalised and posted on the BMA website.
• Next steps: The Authority states it will publish the updated Code of Practice and Client Disclosure Amendment Rules in due course; these are not yet finalised or in force as of this notice.
• Contact: Firms with questions about the stakeholder letter are directed to contact conduct@bma.bm.

Because the substantive Code of Practice and Client Disclosure Amendment Rules have not yet been published, this notice creates no immediate compliance obligations; digital asset business firms should watch for the forthcoming final CoP and CDR publications.

Applies to

digital asset business firms regulated under the Digital Asset Business Act 2018