12Oct2020

BeesMont Law Limited Helps CrossTower Acquire Digital Asset Business Licence

BeesMont Law Limited would like to congratulate CrossTower Bermuda Ltd. for successfully acquiring a Class M Digital Asset Business Act Licence issued by the Bermuda Monetary Authority. This new licence authorises CrossTower to operate in Bermuda as a digital asset exchange and provide custodial wallet services. CrossTower is a new exchange operator founded by capital markets veterans on a mission to mainstream digital asset investing and trading. BeesMont Law Limited’s Technology & Innovation Team advised and assisted CrossTower in obtaining its Bermuda licence.

BeesMont Law provides advice and legal support with respect to the establishment, regulatory, compliance, and business operations of digital asset business companies in Bermuda.

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2Oct2020

BeesMont Law, Stephanie Sanderson Recognised by IFLR1000

BeesMont Law Limited and Stephanie Sanderson have once again been recognised by the prestigious IFLR1000 Guide.

Stephanie has been endorsed as a Leading Lawyer – Highly Regarded in the IFLR1000 30th Edition, described as one of the premier guides to the world’s leading financial and corporate law firms and leading lawyers, with rankings published internationally.

1May2020

Economic Substance Reporting

Bermuda’s Economic Substance Portal launched as of 1 May 2020 to provide a reporting platform for filings from entities that are required to file declarations under the economic substance regime in the jurisdiction which impacts companies that carry on ‘Relevant Activities’, including banking, insurance, fund management, financing, leasing, headquarters, shipping, distribution and service centres, intellectual property and holding entities.

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13Nov2019

Bermuda Monetary Authority Publishes Notice on Cannabis Related Risk

In a Notice dated 12 November 2019, the Bermuda Monetary Authority confirmed that it will not object to BMA-supervised entities conducting business with licensed cannabis cultivators, processors or sellers, as long as the conduct of such business is not contrary to any offences that may be provided for in the laws of a foreign jurisdiction which amount to “criminal conduct” within the meaning of section 3 of the Proceeds of Crime Act 1997 of Bermuda. The Notice will be of particular interest to investment managers and investment funds in this sector (or that are interested in establishing in the sector) as it provides additional clarification that the establishment and registration of funds with investment strategies linked to the cannabis industry are permitted provided the activities are legal where business is being conducted and do not amount to criminal conduct under Bermuda law.

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24Jul2019

Beesmont Law Limited Assists Circle Acquire Bermuda’s First Full Digital Asset Business Licence

BeesMont Law Limited would like to congratulate Circle International Bermuda Limited, a subsidiary of Circle and a member of the Circle Group, for being the first company to receive a Class F Digital Asset Business Act Licence issued by the Bermuda Monetary Authority. BeesMont Law Limited’s Technology & Innovation Team advised and assisted Circle International Bermuda Limited, and the Circle Group, in completing their Digital Asset Business Licence application and launching the subsidiary in Bermuda. BeesMont’s Technology & Innovation Team provides advice and legal support with respect to the establishment, regulatory, compliance, and business operations of digital asset business companies in Bermuda. Circle, as a well-respected globally operating fintech group, has shown confidence in Bermuda’s comprehensive regulatory framework; and BeesMont looks forward to helping Circle develop and expand their global presence and offerings going forward.

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16May2018

CRS Nil Return Filings Now Required in Bermuda

The Government of Bermuda has amended the Bermuda Common Reporting Standard (CRS) Regulations to make nil return filings mandatory for Reporting Financial Institutions that maintained no Reportable Accounts during the applicable calendar year. The deadline for filing CRS reports for the 2017 reporting year is 31st May, 2018. However, the Ministry of Finance has confirmed that (for this reporting year) nil filings should be submitted by 1st August, 2018 to avoid penalties or sanctions.

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16Jun2017

Bermuda Tax Information Reporting Portal Launched

Stephanie P. Sanderson, Corporate Partner, provides an update on the launch of the Bermuda Government’s Tax Information Reporting Portal (Portal) which went live on June 16th 2017 (https://bdaaeoi.bm/PublicForm/PublicForm.aspx). The Portal is currently accepting Common Reporting Standard (CRS) notifications and CRS report filings enabling Bermuda Reporting Financial Institutions to satisfy their notification and reporting obligations under the CRS Regulations.

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