The Bermuda Monetary Authority ("BMA") has issued an invite for proposals from voluntary participants to take part in a pilot project aimed at testing Embedded Supervision practices within the context of DeFi.
Embedded...more
In response to an ever increasing array of business models and attendant risks in the digital assets sector, the BMA is proposing amendments to enhance its supervisory framework for licensed entities.
Specific focus is on...more
Since the announcement of its Fintech strategy in November 2017, the Bermuda government has positioned Bermuda as a market-leading jurisdiction with respect to Fintech, with a view to Bermuda operating as an innovation hub...more
9/25/2024
/ AML/CFT ,
Artificial Intelligence ,
Bermuda ,
Compliance ,
Cryptocurrency ,
Digital Assets ,
FinTech ,
Fund Managers ,
Insurance Industry ,
Investment Funds ,
Know Your Customers ,
Machine Learning ,
Regulatory Requirements ,
Risk Assessment
The Bermuda Monetary Authority (the "Authority") released its Digital Asset Business Single Currency Pegged Stablecoins (SCPS) Consultation Guidance (the "Guidance"). The Guidance seeks to provide information and...more
5/14/2024
/ Banking Sector ,
Bermuda ,
Board of Directors ,
Corporate Governance ,
Digital Assets ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Guidance ,
Stablecoins
On 19 May 2023, Bermuda Government has passed legislation to amend the Digital Asset Business Act 2018 ("DABA" or the "Act") which further enhances the legal and regulatory digital asset business ("DAB") framework and...more
The economic substance regime has continued to develop, with the most notable change being the amendment to the definition of the ‘relevant activity’ of ‘fund management’, which was effective from 1 January 2022. As a result...more
Bermuda has established itself as a leading market for insurtech, representing a convergence of the well-established reinsurance market with the burgeoning fintech market.
A number of Bermuda reinsurance companies already...more
As part of our five year anniversary celebrations of our law firm opening in Bermuda, we put together the original version of this summary report highlighting the latest developments and trends in the Bermuda legal and...more
7/28/2022
/ Anti-Money Laundering ,
Bermuda ,
Cybersecurity ,
Digital Assets ,
Economic and Financial Affairs Council (ECOFIN) ,
EU ,
FinTech ,
Foreign Entities ,
Hong Kong ,
Initial Public Offering (IPO) ,
Insurance Industry ,
Insurtech ,
Investment ,
Jurisdiction ,
Reinsurance ,
Reporting Requirements ,
Restructuring ,
Stock Exchange ,
Trusts