🇧🇲 Bermuda
The pioneer offshore digital asset regime — DABA (2018) offers tiered T/M/F licences with strong AML/prudential credibility, now anchoring Bermuda's push toward a 'fully onchain' national economy with Circle and Coinbase
Data verified: oldest cell 1 day ago (verified 2026-07-02). Individual cells show their own verification date below.
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).
Regulator
Bermuda Monetary Authority (BMA)
Capital requirement 🔒
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Local substance 🔒
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Passporting 🔒
MiCA CASPs approved 🔒
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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.
Difficulty rating 🔒
Track Bermuda
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Informational only, not legal advice. Entries marked as placeholder or awaiting verification must not be relied on. Confirm all requirements with Bermuda's regulator and qualified local counsel before acting.