Bermuda Monetary Authority Amendment (No. 2) Act

What this bill does

This bill updates the fees that digital asset businesses and insurance companies must pay to the Bermuda Monetary Authority. It makes the fee structure clearer for digital asset companies and reduces registration fees for most insurance companies in 2021.

If passed (voted YES)

• Digital asset businesses will have a clearer, more understandable fee structure when applying for licenses and paying annual fees
• Most insurance companies will pay lower registration fees in 2021 (reductions ranging from thousands to tens of thousands of dollars depending on company size)
• One specific insurance fee will be corrected from $10,000 down to $1,000

If rejected (voted NO)

• Digital asset businesses continue using the current, more confusing fee structure
• Insurance companies continue paying the current higher registration fees
• The $10,000 insurance fee error remains uncorrected

Who it affects

This primarily affects digital asset businesses (like cryptocurrency exchanges) and insurance companies operating in Bermuda who pay licensing and registration fees to the Bermuda Monetary Authority.