Bermuda Compliance Report

Regulatory Overview

Regulatory Status

Dedicated crypto/VA legislation, licensing regime, active enforcement

Primary Legislation

s own business/project falls under the Digital Asset Issuance Act (DAIA), separate from DABA, Digital Asset Business Act 2018 (DABA): Core licensing framework., Investment Funds Act 2006: For tokenised funds involving stablecoins, Digital Asset Issuance Act (DAIA, 2020): Regulates public offerings of new digit, Digital Asset Business Act (DABA) 2018: Establishes the core framework for regul, ICO Act, Bermuda permits crypto trading and exchanges under regulation, recognizing them

Travel Rule

Not adopted

Tax Reporting

Capital Gains Tax: None levied on digital assets.. 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.. VAT/GST: No VAT or GST applies to cryptocurrencies.. 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.. 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.

Key Facts

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