Pin and benchmark
Pin one jurisdiction. Line up to five rivals against it. Deltas show where each peer is better or worse.
Sign in to watch these jurisdictions for changes.
| Dimension |
Pinned 🇧🇲 Bermuda partly open Verified 2026-08-15
|
🇬🇬 Guernsey
partly open
Verified 2026-08-15
|
|---|---|---|
| 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 included in the £349 pass. | Guernsey capital requirement is included in the £349 pass. |
| Timeline to authorisation | Bermuda timeline to authorisation is included in the £349 pass. | Guernsey timeline to authorisation is included in the £349 pass. |
| Local substance | Bermuda local substance is included in the £349 pass. | Guernsey local substance is included in the £349 pass. |
| Application cost | Bermuda application cost is included in the £349 pass. | Guernsey application cost is included in the £349 pass. |
| Ongoing cost | Bermuda ongoing cost is included in the £349 pass. | Guernsey ongoing cost is included in the £349 pass. |
| Passporting | Bermuda passporting is included in the £349 pass. | Guernsey passporting is included in the £349 pass. |
| MiCA CASPs approved | Bermuda mica casps approved is included in the £349 pass. | Guernsey mica casps approved is included in the £349 pass. |
| Key restrictions | Bermuda key restrictions is included in the £349 pass. | Guernsey key restrictions is included in 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. Bitcoin Suisse (International) Ltd was granted a Class F digital asset business licence with Class B investment business registration, reported 13 May 2026, pre-operational pending standard conditions. On tokenisation, the BMA issued a stakeholder letter on 30 March 2026 and a consultation paper on 9 April 2026 (feedback to 30 June 2026); on 21 July 2026 it opened a further consultation on letting certain insurers, ILS structures and investment funds use fully fiat-backed stablecoins for subscriptions, treasury and premium or claims payments (comments to 30 September 2026). | On 24 July 2026 the GFSC published its Supporting Growth with Digital Finance feedback paper. Revised Part 10 rules are intended to take effect on 1 October 2026, permitting VASPs to serve retail customers and deleting the VASP-specific environmental declaration. Retail-facing firms must notify the GFSC and hold proportionate resources. Separate relief from dual licensing for some existing regulated firms remains proposed, with the section 40 notice consultation closing 31 August 2026. Stablecoin rules are expected in autumn 2026. |
| Difficulty rating | Bermuda difficulty rating is included in the £349 pass. | Guernsey difficulty rating is included in the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.
One-question research
Did this page help you reach the next useful outcome?
No email is collected. An optional short note helps us understand what is missing.