🇧🇲 How much does a crypto licence in Bermuda cost?
Cost model verified: oldest component 1 day ago (verified 2026-07-07).
roughly EUR 0 to EUR 450k cash over three years
Plus roughly EUR 75k to EUR 100k of capital you must hold.
Confidence: Low
Modelled scenario: BMA Class F (full) licence under the Digital Asset Business Act 2018 (DABA), which authorises the full scope of digital asset business including operating a digital asset exchange. Class M (modified) carries the same BMD 2,266 application fee but is granted with restrictions and typically for a set period; Class T is a test/sandbox licence (BMD 1,000 application). Fee figures read from the BMA Fees effective 1 January 2025. The grant-of-licence fee and annual fee are not flat per class; they are set by activity and estimated client receipts. Currency BMD, pegged 1:1 to USD.
These figures are planning estimates for a stated representative scenario, not quotes and not legal or financial advice. Regulator fees and capital minimums are sourced from official schedules; professional and substance costs are market estimates with ranges. Your numbers will differ. Verify against the cited sources and take advice before committing.
| Component | Year 1 | Year 2 | Year 3 | 3-year total | Confidence |
|---|---|---|---|---|---|
| Application | |||||
| Application fee | Bermuda application fee is locked. Unlock with the £349 pass. | - | - | Bermuda application fee is locked. Unlock with the £349 pass. | verified |
| Capital | |||||
| Minimum capital (held) | - | - | - | Bermuda minimum capital is locked. Unlock with the £349 pass. | verified |
| Ongoing | |||||
| Supervision fee | Bermuda supervision fee is locked. Unlock with the £349 pass. | - | - | Bermuda supervision fee is locked. Unlock with the £349 pass. | estimate |
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These are representative scenarios
Your activity classes, volumes and team shape change the numbers. For a capital calculation and cost model built for your exact case, commission a bespoke report (£950), human-prepared and sourced.
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