🇧🇲 Bermuda vs 🇬🇬 Guernsey: crypto licensing compared
On paper, Bermuda's Digital Asset Business (DAB) licence under the Digital Asset Business Act 2018 (DABA), with three tiers: Class T (Test/sandbox licence for early-stage/proof-of-concept businesses, time-limited ~3-12 months), Class M (Modified licence for limited-scope/lower-risk operations, a stepping stone to full authorization), and Class F (Full, unrestricted licence covering the complete range of digital asset business activities, issuance, exchange, custody, payment services, dealing as principal, etc., with no expiry, subject to ongoing supervision). and Guernsey's Part III VASP Licence under the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 ('LCF Law'). Covers virtual asset exchange, transfer, safekeeping/custody, administration, and issuance/ICO services. This is a genuine substantive licensing regime (not merely AML registration), which came into full effect 1 July 2023 (application window opened 1 February 2023). answer the same question; in practice the detail decides it. The two regimes differ on 7 of 9 tracked decision dimensions, including capital requirement and timeline to authorisation. This page compares the two side by side: the identity columns are free, the decision figures are one pass away, and every cell shows when it was last checked.
Bermuda: verified 2026-07-02 · Guernsey: verified 2026-07-02
| Dimension |
🇧🇲 Bermuda
partly open
Verified 2026-07-02
|
🇬🇬 Guernsey
partly open
Verified 2026-07-02
|
|---|---|---|
| Licence type | Digital Asset Business (DAB) licence under the Digital Asset Business Act 2018 (DABA), with three tiers: Class T (Test/sandbox licence for early-stage/proof-of-concept businesses, time-limited ~3-12 months), Class M (Modified licence for limited-scope/lower-risk operations, a stepping stone to full authorization), and Class F (Full, unrestricted licence covering the complete range of digital asset business activities, issuance, exchange, custody, payment services, dealing as principal, etc., with no expiry, subject to ongoing supervision). | Part III VASP Licence under the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 ('LCF Law'). Covers virtual asset exchange, transfer, safekeeping/custody, administration, and issuance/ICO services. This is a genuine substantive licensing regime (not merely AML registration), which came into full effect 1 July 2023 (application window opened 1 February 2023). |
| Regulator | Bermuda Monetary Authority (BMA) | Guernsey Financial Services Commission (GFSC). |
| Capital requirement | Bermuda capital requirement is locked. Unlock with the £349 pass. | Guernsey capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | Bermuda timeline to authorisation is locked. Unlock with the £349 pass. | Guernsey timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | Bermuda local substance is locked. Unlock with the £349 pass. | Guernsey local substance is locked. Unlock with the £349 pass. |
| Application cost | Bermuda application cost is locked. Unlock with the £349 pass. | Guernsey application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | Bermuda ongoing cost is locked. Unlock with the £349 pass. | Guernsey ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | Bermuda passporting is locked. Unlock with the £349 pass. | Guernsey passporting is locked. Unlock with the £349 pass. |
| MiCA CASPs approved | Bermuda mica casps approved is locked. Unlock with the £349 pass. | Guernsey mica casps approved is locked. Unlock with the £349 pass. |
| Key restrictions | Bermuda key restrictions is locked. Unlock with the £349 pass. | Guernsey key restrictions is locked. Unlock with the £349 pass. |
| Recent changes | In January 2026, at the WEF Annual Meeting in Davos, the Government of Bermuda announced a partnership with Circle and Coinbase (and Stellar) to build what it describes as the world's first 'fully onchain' national economy, including plans for a sovereign Bermuda digital dollar. The BMA has begun real-world pilots, airdropping USDC to residents, enabling payments at a pop-up marketplace, and preparing to accept digital assets for government fees. Bermuda also hosts regulated derivatives operations tied to major exchanges including Coinbase and Kraken. The BMA's 2025 annual report shows licensed digital asset businesses rose to 49 by end of 2025 (up from 36 a year earlier). The DABA Code of Practice was also updated in 2024 with more detailed marketing/promotion and governance requirements. | GFSC launched a 'Digital Finance Initiative' (DFI) in September 2025 to reposition Guernsey as a digital finance hub, including a Digital Forum for industry engagement and a consultation on stablecoins/broader digital-asset policy running until 6 March 2026. For 2026, GFSC announced fee reductions specifically for VASP applications to encourage more firms to establish in the Bailiwick, implying low uptake of the regime to date. |
| Difficulty rating | Bermuda difficulty rating is locked. Unlock with the £349 pass. | Guernsey difficulty rating is locked. Unlock with the £349 pass. |
The two regimes differ on 7 of 9 tracked decision dimensions, including capital requirement and timeline to authorisation. Unlock the pass to see each figure with its source and verification date.
What changed recently
🇧🇲 Bermuda (verified 2026-07-02): In January 2026, at the WEF Annual Meeting in Davos, the Government of Bermuda announced a partnership with Circle and Coinbase (and Stellar) to build what it describes as the world's first 'fully onchain' national economy, including plans for a sovereign Bermuda digital dollar. The BMA has begun real-world pilots, airdropping USDC to residents, enabling payments at a pop-up marketplace, and preparing to accept digital assets for government fees. Bermuda also hosts regulated derivatives operations tied to major exchanges including Coinbase and Kraken. The BMA's 2025 annual report shows licensed digital asset businesses rose to 49 by end of 2025 (up from 36 a year earlier). The DABA Code of Practice was also updated in 2024 with more detailed marketing/promotion and governance requirements.
🇬🇬 Guernsey (verified 2026-07-02): GFSC launched a 'Digital Finance Initiative' (DFI) in September 2025 to reposition Guernsey as a digital finance hub, including a Digital Forum for industry engagement and a consultation on stablecoins/broader digital-asset policy running until 6 March 2026. For 2026, GFSC announced fee reductions specifically for VASP applications to encourage more firms to establish in the Bailiwick, implying low uptake of the regime to date.
Quick answers
Who regulates crypto licensing in Bermuda and Guernsey?
Bermuda: Bermuda Monetary Authority (BMA). Guernsey: Guernsey Financial Services Commission (GFSC)..
What licence do you need in Bermuda compared with Guernsey?
In Bermuda the authorisation route is Digital Asset Business (DAB) licence under the Digital Asset Business Act 2018 (DABA), with three tiers: Class T (Test/sandbox licence for early-stage/proof-of-concept businesses, time-limited ~3-12 months), Class M (Modified licence for limited-scope/lower-risk operations, a stepping stone to full authorization), and Class F (Full, unrestricted licence covering the complete range of digital asset business activities, issuance, exchange, custody, payment services, dealing as principal, etc., with no expiry, subject to ongoing supervision).; in Guernsey it is Part III VASP Licence under the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 ('LCF Law'). Covers virtual asset exchange, transfer, safekeeping/custody, administration, and issuance/ICO services. This is a genuine substantive licensing regime (not merely AML registration), which came into full effect 1 July 2023 (application window opened 1 February 2023).. The comparison table on this page lines the two up dimension by dimension.
Where can I see the full Bermuda vs Guernsey comparison?
The interactive benchmark lets you pin either jurisdiction and add up to five peers; a Founder Pass or Pro subscription unlocks every gated figure with its source and verification date. This page stays free at /crypto/compare/bermuda-vs-guernsey.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.