“An exciting, landmark achievement.” said Premier David Burt as the Government prepares to table the Digital Asset Business Act 2018 in the House of Assembly. “A team of men and women from the private sector, the Public Service and the Bermuda Monetary Authority have delivered legislation that puts Bermuda in the “First in the World” category. Their efforts have produced a Bill that will introduce a supervisory framework for the Bermuda Monetary Authority to regulate persons carrying on digital asset business and for the protection of the interests of clients or potential clients of persons carrying on the business of digital asset business.”
It will be recalled that this Bill is the second in the series of legislative initiatives designed to facilitate the growth of FinTech businesses in Bermuda. The first, to regulate initial token offerings passed the Senate on Wednesday of this week and now awaits the Assent of the Governor.
Premier Burt concluded: “In February’s Budget Statement this Government promised the people of Bermuda that it would be more than transactional. We promised to be transformational as we expand and grow this economy for the benefit of all Bermudians. This legislation lays the foundation for growth in an area that Bermuda can and will lead.”