Pin and benchmark
Pin the jurisdiction you are leaning towards, then line up to 5 rivals against it. Every unlocked figure shows where a peer beats it or loses to it on capital, timeline, cost and difficulty, so one screen tells you whether your first choice actually holds up.
Sign in to watch these jurisdictions for changes.
| Dimension |
Pinned 🇧🇲 Bermuda partly open Verified 2026-07-02
|
🇯🇪 Jersey
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). | Virtual Asset Service Provider (VASP) registration, not a bespoke prudential licence. Legal basis: the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, the Money Laundering (Jersey) Order 2008, and the JFSC's AML/CFT/CPF Handbook, implementing FATF VASP Guidance (effective from early 2023). This is fundamentally an AML/CFT registration, without a conduct-of-business or prudential capital regime. As of mid-2026, Jersey has not introduced a dedicated substantive VASP licensing framework with conduct/prudential requirements. |
| Regulator | Bermuda Monetary Authority (BMA) | Jersey Financial Services Commission (JFSC). |
| Capital requirement | Bermuda capital requirement is locked. Unlock with the £349 pass. | Jersey capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | Bermuda timeline to authorisation is locked. Unlock with the £349 pass. | Jersey timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | Bermuda local substance is locked. Unlock with the £349 pass. | Jersey local substance is locked. Unlock with the £349 pass. |
| Application cost | Bermuda application cost is locked. Unlock with the £349 pass. | Jersey application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | Bermuda ongoing cost is locked. Unlock with the £349 pass. | Jersey ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | Bermuda passporting is locked. Unlock with the £349 pass. | Jersey passporting is locked. Unlock with the £349 pass. |
| MiCA CASPs approved | Bermuda mica casps approved is locked. Unlock with the £349 pass. | Jersey mica casps approved is locked. Unlock with the £349 pass. |
| Key restrictions | Bermuda key restrictions is locked. Unlock with the £349 pass. | Jersey 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. | JFSC proposed enhancements to the AML/CFT/CPF Handbook (consultation published June 2025), taking effect 1 January 2026, including new sector-specific guidance for VASPs/DNFBPs partly in response to MONEYVAL's 2024 evaluation of Jersey. Jersey is implementing the OECD Crypto-Asset Reporting Framework (CARF): consultation began November 2024, legislation expected 2025, first CARF reporting due 2027. A government consultation (July-Sept 2025) on repealing the Control of Borrowing (COBO) framework proposes replacement legislation for digital-asset-related structures with a 12-24 month transition. In 2024 Jersey launched its first real-world-asset tokenisation platform under JFSC guidance. |
| Difficulty rating | Bermuda difficulty rating is locked. Unlock with the £349 pass. | Jersey difficulty rating is locked. Unlock with 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.