Digital Asset Business Amendment Act

What this bill does

This bill creates a new "Class T licence" that allows digital asset businesses to test their services for up to 12 months with lighter regulations and lower costs. It also updates some definitions and reduces requirements for these test licenses, including allowing lower minimum capital ($10,000 instead of higher amounts) and not requiring a physical office in Bermuda.

If passed (voted YES)

• New digital asset companies can get a temporary test license for $1,000 to try out their business ideas with reduced regulatory burden
• These test businesses won't need to maintain a head office in Bermuda or meet the same strict financial requirements as full licenses
• The Bermuda Monetary Authority gets more flexibility to waive or reduce fees for digital asset businesses

If rejected (voted NO)

• Digital asset businesses must continue to meet full licensing requirements from day one, with higher costs and stricter rules
• No option for a lower-cost testing period for new companies wanting to pilot digital asset services
• Current fee structure and office requirements remain unchanged for all digital asset businesses

Who it affects

This primarily affects entrepreneurs and companies wanting to start digital asset businesses in Bermuda, making it easier and cheaper for them to test new services. It also gives the Bermuda Monetary Authority more tools to attract and regulate digital asset businesses.