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: 2026-09-24.
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.
Licensed entities in Bermuda
34 regulated-entity records tracked in Bermuda by Plexo Institute.
| Entity | Status | License type |
|---|---|---|
| Anchorage Digital Bermuda | Licensed | DABA Class M |
| Apex Group | Licensed | DABA Class F |
| Apex Group (Bermuda) – Digital Assets | Licensed | DABA License |
| Bitfury Holding | Licensed | DABA Class M |
| Bittrex Bermuda | Licensed | DABA Class F |
| BlockFi | Licensed | DABA Class M |
| Blockrock Bermuda | Licensed | DABA Class T |
| Bullish | Licensed | DABA License |
| Bullish | Licensed | DABA Class F |
| Celsius Bermuda | Licensed | DABA Class M |
| Chainlink Labs | Licensed | DABA Class M |
| Circle Bermuda | Licensed | DABA Class F |
| Clarien Bank | Licensed | DABA Class F |
| Coinbase Bermuda | Licensed | DABA Class F |
| CrossTower Bermuda | Licensed | DABA Class M |
| Digimaex | Licensed | DABA Class F |
| Digital Bermuda | Licensed | DABA Class T |
| Figment Networks | Licensed | DABA Class M |
| FTX Digital Markets | Licensed | DABA Class M |
| Gemini Bermuda | Licensed | DABA Class F |
| HashKey Capital | Licensed | DABA Class M |
| Jewel Bank | Licensed | DABA Class F |
| Oasis Digital Assets | Licensed | DABA Class F |
| One Trading | Licensed | DABA Class F |
| Paxos Digital Singapore Pte | Licensed | DABA Class M |
| Paycase Financial | Licensed | DABA Class M |
| Pinnacle Bank | Licensed | DABA Class F |
| Relm Insurance | Licensed | DABA Class F |
| SEBA Bank | Licensed | DABA Class F |
| Stablehouse | Licensed | DABA Class T |
| Tether Operations | Licensed | DABA Class F |
| Tetra Trust Company | Licensed | DABA Class F |
| WonderFi Bermuda | Licensed | DABA Class F |
| Xapo | Licensed | DABA Class F |
Stablecoin laws in Bermuda
Primary legal texts Plexo Institute tracks for Bermuda.
- Digital Asset Business Single Currency Pegged Stablecoins (SCPS) Guidance (enacted 2024-12-03)
Comprehensive prudential framework establishing regulatory expectations for Single Currency Pegged Stablecoin (SCPS) issuers. Core requirements include: (1) Backing Assets: Sufficient high-quality liquid assets (cash, short-term government debt <90 days, bank deposits) at market value equal to or exceeding issued stablecoin tokens; (2) Daily Valuations & Adjustments: Backing assets valued daily with segregated reserves adjusted to maintain 1:1 peg; (3) Audits: Monthly independent external audits or attestations of reserves; (4) Segregation: Bankruptcy-remote structures separating client/backing assets from issuer assets; (5) Governance: Board oversight, senior management accountability, documented policies and procedures; (6) Risk Management: Annual stress testing, de-pegging triggers, liquidity monitoring; (7) Recovery & Resolution: Orderly wind-down planning, contingency funding arrangements, operational continuity plans; (8) Disclosure: White papers, investment policy disclosures, fees, redemption conditions, risk descriptions; (9) Interoperability: Blockchain assessment and operational protocols; (10) Capital & Liquidity: Minimum net assets and own funds based on wind-down scenarios. Applies proportionality principle: less stringent requirements for issuers using exclusively cash and HQLA backing versus those using diversified asset baskets.
- Digital Asset Issuance Act 2020 (DAIA) (enacted 2020-06-08)
The DAIA is a complementary capital-raising framework enacted June 8, 2020, establishing authorization requirements for entities conducting public offerings of digital assets (including stablecoins) to Bermuda residents. It operates independently from but alongside DABA licensing and applies to both domestic and foreign undertakings conducting fundraising activities in/from Bermuda.
- Digital Asset Business Act 2018 (DABA) (enacted 2018-11-01)
The DABA is Bermuda's pioneering licensing and supervisory framework for digital asset businesses, enacted May 24, 2018 (operative November 1, 2018). It establishes the regulatory foundation for all digital asset business activities operating in or from Bermuda, including token issuance (stablecoins), custodial wallet services, payment platforms, exchanges, and digital asset trading.
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.