Cash App Gets BMA Digital Asset Licence

February 27, 2023

[Updated] Cash App — a multi-billion dollar tech company best known for its popular app that allows people in the UK and US to send and receive money, buy stocks and more  — has been granted a Digital Asset Business Licence by the Bermuda Monetary Authority.

The licence was recently listed on the BMA’s website, with the listing stating, “Cash App World | Allowed Business Activities: (a) issuing, selling, redeeming virtual coins, tokens or any other form of digital assets; (b) operating as a payment service provider business utilising digital assets which includes the provision of services for the transfer of funds; (c) operating as a digital asset exchange (d) providing custodial wallet services.”

Bernews asked the company, which mentions the licence on their website under ‘Cash App World.‘ for comment and a Cash App spokesperson said, “We are pleased to confirm that the Bermuda Monetary Authority [BMA] has approved Cash App’s application for a Digital Asset Business Licence. The BMA has a strong global reputation as an experienced financial services regulator with a world-class compliance framework. We look forward to sharing more plans in due course.”

Twitter co-founder and ex-CEO Jack Dorsey is the current CEO of Block, which is the parent company of Cash App, which is currently only available for users in the US and UK. It has over 50 million downloads in the Google Play store, and is currently ranked as the #1 free finance app in the Apple store.

Update: Speaking in the House of Assembly, Premier David Burt said is “pleased to have the endorsement of Bermuda’s digital asset regime by such a significant player” and “more details will follow from the company as they look to operationalize their presence.”

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Comments (6)

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  1. Dejavu says:

    Another big company with a license in bermuda but their services aren’t available to bermudians smfh. How and why is that allowed?

  2. Smith says:

    About time!! 10 yrs later

    • Dejavu says:

      About time what lol? We still can’t use cash app in bermuda we just gave them a license lol

      • Andrew Miller says:

        Actually, I use the app frequently in Bermuda to send and receive money in the US. The only requirement is to have a US bank account which is not hard to get.

  3. BermBie says:

    It’s surprising that people would think a multi-billion dollar corporation would be operating domestically. There are hundreds of companies registered here under DABA which utilize our legal system to operate abroad.

    • Joe Bloggs says:

      “There are hundreds of companies registered here under DABA which utilize our legal system to operate abroad.”

      Perhaps, but only 16 are licenced to operate by the BMA.