Digital Asset Business Amendment Act 2024

What this bill does

This bill makes a small change to Bermuda's Digital Asset Business Act 2018 to allow the government to pay members who serve on appeal tribunals for digital asset business cases. Currently, these tribunal members serve without being paid for their time.

If passed (voted YES)

• Tribunal members who hear appeals about digital asset business decisions can receive payment for their service
• The Minister will decide how much to pay these members, after consulting with the Finance Minister
• Appeal tribunals may be able to attract and retain qualified members more easily with compensation

If rejected (voted NO)

• Tribunal members would continue to serve without payment as they do now
• The government would have no legal authority to compensate these members for their time
• The current system of unpaid tribunal service would remain unchanged

Who it affects

This primarily affects the people who volunteer to serve on digital asset business appeal tribunals, as well as digital asset businesses in Bermuda that may benefit from having well-qualified tribunal members hearing their appeals.