🇧🇲 Licensed in Bermuda

Bermuda's Digital Asset Landscape

Bermuda is home to one of the world's most respected digital asset regulatory frameworks. This page explains the licensing structure, how to verify any company's current status, and where to find authoritative lists of regulated businesses.

By the Numbers

Bermuda at a Glance

Since passing the Digital Asset Business Act in 2018, Bermuda has built a substantial ecosystem of regulated digital asset businesses supervised by the Bermuda Monetary Authority.

2018
Year DABA was enacted — one of the world's first dedicated digital asset laws
48
VASPs currently supervised by the BMA as of the latest available data
3
Licence classes: T (Test), M (Modified), and F (Full)
BMA
Bermuda Monetary Authority — sole financial regulator overseeing all DABs
Licensing Framework

Understanding the Three Licence Classes

Under DABA, the BMA issues three classes of licence. Knowing which class a company holds helps you understand the scope and maturity of their operations.

T
Test Licence

A time-limited licence (3–12 months) for companies testing a proof of concept or minimum viable product. Operations are restricted and no permanent Bermuda office is required.

M
Modified Licence

An intermediate licence for companies expanding limited operations. Subject to additional restrictions imposed by the BMA and designed as a step toward full licensing.

F
Full Licence

The gold standard — a permanent licence for fully operational digital asset businesses. Requires a Bermuda office, regular BMA supervisory visits, and annual cyber-risk returns.

A Class F licence does not expire but is subject to ongoing BMA supervision including annual audits, cyber-risk assessments, and AML/KYC compliance reviews.
Where to Find the List

Three Complementary Sources

No single source is perfect. The most accurate picture comes from using all three together — always starting with the BMA for current licence verification.

Primary — Always Authoritative

BMA Regulated Entities Search

The live, official register maintained by the Bermuda Monetary Authority. Search by company name to verify current licence status in real time. This is the only source that reflects a business's actual regulatory position today.

Search BMA Register →
Structured Overview

TheBanks.eu VASP Directory

An independent financial data aggregator tracking 48 Bermuda-registered VASPs, sourced from the BMA. Provides a browsable list with company details, activities, and website links. May lag BMA records slightly — always verify with the BMA before transacting.

View VASP Directory →
Industry Association

NEXT — Bermuda Digital Asset Association

Bermuda's first trade association for BMA-licensed digital asset companies, formed in 2022. NEXT members are fully regulated businesses collectively advocating for Bermuda's ecosystem. Membership does not guarantee current licence status — verify with the BMA.

Learn About NEXT →
Notable Examples

Internationally Recognised Companies in Bermuda

Several globally recognised digital asset businesses operate through Bermuda-registered entities under DABA. This is a non-exhaustive illustrative sample — it is not an endorsement of any company. Always verify current licence status with the BMA before transacting.

Coinbase Exchange Kraken Exchange Circle Stablecoin Issuer (USDC) HashKey Digital Asset Platform Apex Group Fund Services XBTO Institutional Trading CMC Markets Digital Asset Business NAYMS Crypto-Native Insurance
This list is for illustrative purposes only and may not reflect current licence status. Company circumstances change. Always verify directly with the BMA before making any financial decisions.
Consumer Protection

How to Verify Any Company

Before transacting with any digital asset business claiming to be Bermuda-regulated, follow these steps to confirm their current status.

1
Go to the BMA's regulated entities search at bma.bm/regulated-entities — this is the only authoritative, real-time source.
2
Search the company's exact legal name — marketing names may differ from registered entity names. Try partial names if needed.
3
Select "Digital Asset Business" from the sector dropdown to filter results to DABA-licensed companies specifically.
4
Note the licence class — T, M, or F. A Class F indicates a fully operational business. Class T indicates a testing phase with operational restrictions.
5
If the company does not appear, it is not currently licensed by the BMA under DABA. Contact the BMA directly at fintech@bma.bm if you have concerns.
Official Resources

Key Bermuda Regulatory Links

All official sources — no third-party aggregators.

🏛
BMA Digital Asset Business Hub — Full regulatory framework, rules, codes of practice, and guidance documents.
🔍
BMA Regulated Entities Search — Verify any company's current licence status in real time.
⚠️
BMA Warning List — Companies flagged as unauthorised or operating without a licence. Always check this before transacting with an unfamiliar entity.
🌐
BDA Emerging Technologies — The Bermuda Business Development Agency's overview of the island's digital asset and fintech sector.
bitcoin.bm is an independent educational resource with no affiliation with the BMA, BDA, or any licensed digital asset business. All content on this page is informational only. Licence status changes — always verify with the BMA directly before making any financial decision.