Bermuda introduces a Digital Asset business sector banking solution
The Government of Bermuda recently announced that Signature Bank, a full-service commercial bank headquartered in New York, has expressed its willingness to consider applications for banking services from digital asset businesses that are licensed pursuant to Bermuda’s digital asset legislative and regulatory framework and meet the bank’s own internal standards with immediate effect.
Bermuda banking
The ability to provide a banking solution enables Bermuda to continue to promote growth and expansion of the digital asset sector and solidifies its position as a choice jurisdiction for technology companies.
In 2018 Bermuda introduced progressive legislation and regulation that led the way in setting global standards for the governance and regulation of the digital asset sector, which includes initial coin and token offerings. Since then, the Bermuda Government has been working to ensure that a full service eco-system is available to support and service anyone looking to establish their digital asset business in Bermuda.
Globally, a major issue faced by those in the digital asset sector has been the availability of traditional banking services, a problem that is understood to have derived from concerns that the digital asset sector may not be capable of meeting global compliance standards. Bermuda’s legal and regulatory framework has integrated such compliance requirements into the laws governing this sector which now gives investors and service providers confidence in the intention and ability of Bermuda companies in the digital asset sector to comply.
If you or your clients wish to learn more about Bermuda’s digital asset legislative and regulatory framework and how Appleby can assist with the licensing application process, please engage with your usual Appleby contact or any member of the team below.
