BMA: Digital Asset Business Code Of Practice

September 19, 2018 | 0 Comments

The Bermuda Monetary Authority released the Digital Asset Business Code of Practice 2018 which “provides guidance on the duties, requirements, procedures, standards and sound principles to be observed by persons carrying on Digital Asset Business.”

The introduction states, “This Code of Practice is made pursuant to section 6 of the Digital Asset Business Act 2018.

“Section 6 requires the Bermuda Monetary Authority to publish in such manner as it thinks fit, a Code that provides guidance on the duties, requirements, procedures, standards and sound principles to be observed by persons carrying on Digital Asset Business [DAB].

“Failure to comply with provisions set out in the Code will be a factor taken into account by the Authority in determining whether a licensed DAB is meeting its obligation to conduct its business in a sound and prudent manner.”

The full Digital Asset Business Code of Practice 2018 follows below [PDF here]:

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