Bermuda — crypto regulation

Status: legal · Last reviewed 2026-11-05

One of the world's first comprehensive crypto regimes: the Digital Asset Business Act 2018 (DABA) and Digital Asset Issuance Act 2020, supervised by the BMA with T/M/F licence classes and dedicated stablecoin guidance. A proposed Payment Services Act would replace the MSB Act and let stablecoin issuers choose PSA or DABA licensing. The government's 'onchain economy' initiative with Circle and Coinbase (Jan 2026) has moved toward legislation letting government accept stablecoin payments and hold public assets in digital form (Cabinet approval May 2026). The government has since shifted toward a digitally native Bermuda dollar rather than USDC.

Legislation

• Proposed Stablecoin Payments Legislation — Public Treasury Administration and Payments Act / Public Funds Act Amendments (2026)
• Digital Asset Business Act 2018 (DABA) (2018)
• Digital Asset Issuance Act 2020 (DAIA) (2020)
• Digital Asset Business (Custody of Client Assets) Rules 2025 (2025)
• BMA Single Currency Pegged Stablecoin (SCPS) Guidance (2024)
• BMA Operational Resilience and Outsourcing Code (2025)
• Payment Services Act — Proposed (BMA Consultation) (2025)