Jurisdiction reference
Bermuda
Regulator: BMA. License/registration context: Licensing. 34 VASP/entity records are tracked by Plexo Institute in Bermuda. Official registry source: BMA DABA Licensees. Data last updated: 2026-08-28.
Bermuda operates a mature, live regulatory framework for stablecoin issuance under the Digital Asset Business Act 2018 (DABA) and Digital Asset Issuance Act 2020 (DAIA). The BMA published comprehensive Single Currency Pegged Stablecoin (SCPS) Guidance in May 2024 (among the first globally) establishing prudential standards for fiat-backed stablecoins. Framework requires full reserve backing (1:1 ratio), segregated bankruptcy-remote assets, daily valuations, independent monthly audits, stress testing, and robust governance. Issuers must obtain DABA licenses with risk-based supervision. Over 40 digital asset companies are licensed; multiple stablecoin issuers operate actively. Notably, Bermuda permits yield-bearing stablecoins (distinguishing feature) and has zero income/capital gains taxes on digital assets. Government is piloting USDC adoption (January 2026) with Coinbase and Circle. The regime demonstrates regulatory clarity and institutional credibility, attracting global stablecoin issuers.
Regulatory Status
- Jurisdiction code
- BM
- Regime
- Licensing
- Regulator
- BMA
- Governing law
- Digital Asset Business Act 2018
- Travel Rule
- Legislated
- Tracked entities
- 34
- Recognized stablecoin backing
- fiat-backed, crypto-backed, commodity-backed
- Yield-bearing stablecoins
- Restricted
- Currency
- BMD
Regulatory approach
The BMA is Bermuda's sole financial services regulator, established under the Bermuda Monetary Authority Act 1969. It supervises banks, insurance companies, investment businesses, money service providers, and digital asset businesses (DABA licensees). Core mandates include promoting financial stability, protecting customers, regulating digital asset issuance and business activities, overseeing AML/ATF compliance, and managing foreign exchange control. The BMA published the first major-jurisdiction SCPS Guidance (May 2024) and conducts risk-based supervision scaled to licensee complexity and systemic importance. Enforcement powers include fines up to USD 10 million, criminal prosecution, and license revocation.
Relationship Graph
Jurisdiction FAQ
Who regulates Bermuda?
The current Plexo Institute record lists BMA as the regulator for Bermuda.
How many VASPs are tracked in Bermuda?
34 VASP/entity records are tracked by Plexo Institute in Bermuda.
What is the Travel Rule status in Bermuda?
The current Plexo Institute record lists the Travel Rule status for Bermuda as Legislated.
Source Evidence
This profile is compiled from official legislation and regulator records. Source confidence: official source evidence.