Digital Asset Business Amendment Act 2023

What this bill does

This bill updates Bermuda's 2018 Digital Asset Business Act to create a new type of license (Class T) for companies that provide digital asset lending and repurchase services. It also strengthens cybersecurity reporting rules and gives the Bermuda Monetary Authority more oversight powers over digital asset businesses.

If passed (voted YES)

• Companies offering digital asset lending or repurchase services would need to get a new Class T license from the Bermuda Monetary Authority and pay licensing fees
• Digital asset businesses would face stricter cybersecurity reporting requirements when data breaches or system problems occur
• The Bermuda Monetary Authority would have expanded powers to set conditions on digital asset business licenses and monitor compliance

If rejected (voted NO)

• Digital asset lending and repurchase services would continue without specific licensing requirements under this law
• Current cybersecurity reporting rules for digital asset businesses would remain unchanged
• The regulatory framework for digital assets would stay as it was established in 2018

Who it affects

This primarily affects digital asset and cryptocurrency companies operating in Bermuda, especially those involved in lending digital assets or offering repurchase agreements. It also impacts consumers who use these digital asset services by potentially providing them with stronger regulatory protections.