Bermuda: The future of technology and innovation
Bermuda is rapidly emerging as a global leader in technology sectors, including fintech and insurtech.
The island has pioneered a robust regulatory and legislative framework governing digital asset businesses that is attractive to companies looking for a quality ecosystem in which to test ideas, develop products and grow internationally.
The BDA’s business development team is on-hand to facilitate meaningful introductions and ensure your setup process is as seamless as possible. Schedule a consultation with our dedicated technology representative.
A pioneer of the world's most progressive digital asset business legislation
Our financial regulator has two innovation initiatives aimed at developing insurtech
As a blue-chip financial centre, Bermuda is a trusted domicile with talent and expertise
The Bermuda Monetary Authority (BMA) currently offers three types of Digital Asset Business (DAB) licenses that enable entities to conduct activities that fall under the Digital Asset Business Act: the Test “T” License, for those seeking to test their proof of concept; the Modified “M” License for those seeking to expand operations for a limited period and the Full “F” License for companies seeking to provide any or all of the DAB activities listed under the Act.
Click here for more on the Digital Asset Business Act.
The BMA Sandbox is an innovation track for companies looking to test new technologies or business models on a limited number of clients in a controlled environment and for a limited period of time. The BMA Sandbox is reserved for companies that will be undertaking licensable activities as defined under the Insurance Act 1978.
The Innovation Hub is an alternative track for companies looking to test new technologies or business models, similar to the BMA Sandbox, but applies to companies that are either not currently captured under either the Insurance Act 1978 or any other financial acts (e.g., innovative product or service vendors), or are not yet ready for the BMA Sandbox or are still developing their proof of concept.
Click here for more on the BMA Sandbox and Innovation Hub.
The Bermuda Monetary Authority (BMA) regulates Bermuda's financial services sector and develops risk-based financial regulations that it applies to the supervision of Bermuda’s digital asset businesses, banks, trust companies, investment businesses, investment funds, fund administrators, money service businesses, corporate service providers and (re)insurance companies. It also regulates the Bermuda Stock Exchange and Bermuda Credit Union.
Click here for more on the Bermuda Monetary Authority.
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