Bermuda Compliance Report

Regulatory Overview

Regulatory Status

Dedicated crypto/VA legislation, licensing regime, active enforcement

Primary Legislation

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Travel Rule

Not adopted

Tax Reporting

**Capital Gains Tax**: None levied on digital assets.[2][3][4]. **Income Tax on Crypto**: No income tax on digital assets or related transactions; the 2025 corporate regime overrides prior tax undertakings but targets only large multinationals.[3][4]. **VAT/GST**: No VAT or GST applies to cryptocurrencies.[2][3][4]. **Foreign Currency Purchase Tax**: A 1% tax applies to purchases of foreign currency from Bermuda-based banks by residents, but this does not cover crypto purchases, which occur via exchanges.[4]. **Digital Asset Business Act (DAB Act, 2018)**: Requires licensing from the Bermuda Monetary Authority (BMA) for activities like issuing/selling digital assets, operating exchanges, custodial wallets, or payment services using digital assets. Licensed entities must segregate client assets, maintain bonds/insurance, and comply with cybersecurity/prudential rules.[2][3]

Key Facts

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