Ancillary DABA Materials

Our June 2018 News Alert provided details of the activities licensed under DABA. Now that DABA is operative, it is open for the Minister of Finance, after consulting with the Bermuda Monetary Authority (BMA) to make regulations prescribing anything which may be prescribed under DABA and for its implementation generally.

Under section 5 of the DABA, the BMA is required, as soon as practicable, to publish a statement of principles. The DABA statement of principles will include the following:

interpreting the minimum criteria and grounds for revocation of a licence;

exercising its power to grant, revoke or restrict a licence;

exercising its power to obtain information and reports and to require production of documents

exercising its power to impose a civil penalty, censure publicly, make a prohibition order and to publish information about any matter to which a decision notice relates

The BMA may also issue codes of practice in connection with the manner by which licensed undertaking shall carry on digital asset business together with rules and other prudential standards that may be made in connection with certain actions and obligations of a licensed entity.

In that regard, the Digital Assets Business (Prudential Standards) (Annual Return) Rules 2018, the Digital Asset Business (Cybersecurity) Rules 2018 and the Digital Asset Business (Client Disclosure) Rules 2018 were published in the Official Gazette on 11 September 2018, effective 7 September 2018. Sector-Specific Guidance Notes for Digital Assets Business are expected to be finalised in the near future.

Should you wish to discuss making an application for a digital asset business licence or have any queries in relation to the ancillary DABA materials, please reach out to one of our Technology and Innovation experts.

Share
Twitter LinkedIn Email Save as PDF
More Publications
10 Dec 2019 |

The Insolvency Review – Seventh Edition

The seventh edition of The Insolvency Review  offers an in-depth review of market conditions and in...

5 Dec 2019 |

BMA forms view on cannabis related risk

The Bermuda Monetary Authority has confirmed that it will not object to BMA-supervised entities cond...

2 Dec 2019 |

Implications of the Privy Council’s decision in the ‘belonger’ case

Bermuda’s final appeals court has handed down its decision in a long-running case which had the po...

21 Nov 2019 |

BMA releases guidance on outsourcing

For many companies, outsourcing is essential in allowing them to cost effectively and efficiently pr...

15 Nov 2019 |

New Family leave rights on horizon

Working families will benefit from more generous leave entitlements in the New Year. When it comes i...

31 Oct 2019 |

What to expect from the new Wage Commission

A Wage Commission is to be established under recent legislation, in a step which may lead to a minim...

25 Oct 2019 |

Reinsurers optimistic about market outlook

Optimism is high in the reinsurance industry this year, according to Brad Adderley, partner at offsh...

24 Oct 2019 |

Bermuda responding to needs of fintech industry

Bermuda’s emergence as the offshore jurisdiction of choice for fintech companies seeking to operat...

11 Oct 2019 |

Purpose-built ISAC a boon for Bermuda

The long-awaited Incorporated Segregated Accounts Companies Act 2019 was tabled in the House of Asse...

3 Oct 2019 |

Maternity/Paternity Leave – Anticipated Amendments to the Employment Act

The Employment (Maternity Leave Extension and Paternity Leave) Amendment Act 2019 (Bill) (2019 Amend...