Bermuda Updates its Digital Asset Business Regulatory Regime

The Digital Asset Business Amendment Act 2019 (DAB Amendment Act) was brought into force on 8 October 2019 and amends the Digital Asset Business Act 2018 (DABA) to adapt to market expectations and ensure the regulatory regime remains fit for purpose. The DABA legislation regulates digital asset business carried on in or from within Bermuda and protects the interests of clients or potential clients of persons conducting digital asset business. Amendments include the expansion of DABA to include clarity over market makers, digital asset benchmark administrators, digital asset trust services, and digital asset derivative exchange providers.

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Bermuda Guide to Initial Coin Offerings (ICOs)

Stephanie P. Sanderson, Partner, provides a detailed guide on issuing an initial coin offering in Bermuda based on the current legislation. The guide covers the application process, what needs to be included in the offer document and the key compliance requirements which need to be met for a successful initial coin offering.

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Bermuda Chapter of Getting the Deal Through: Public M&A 2019

Stephanie P. Sanderson, Partner, authored the Bermuda chapter of Getting the Deal Through 2019 edition of Public M&A which is available in print, as an e-book, and online. This specialist publication covers M&A transactional requirements and procedures governing publicly listed companies, covering such areas as: types of business combinations, applicable legislation, filings and public disclosure requirements, substantial shareholding regulations, duties of directors and controlling shareholders, shareholder rights of approval and appraisal, and hostile transactions, among other key topics.

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BeesMont Law Guide to Investment Funds

This Guide provides a brief overview and gives general information relating to the law and procedures for the establishment and operation of investment funds in Bermuda. It has been prepared to assist parties interested in establishing an investment fund in Bermuda and to give a summary of the law and procedures relating to the establishment, operation and ongoing requirements under Bermuda law. It is not intended to be comprehensive but to provide an outline of the laws and regulations which we hope will be of use to our clients while deciding the type of structure that is appropriate for their business objectives.

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Bermuda Successfully Fostering the Fintech Sector

Stephanie P. Sanderson writes for HFM Global and reflects on Bermuda’s success in nurturing the development of fintech-related business as well as the importance of anti-money laundering, counter-terrorist financing, and cyber-security measures:

“We are seeing fintech increasingly change the financial services industry – including the banking, insurance and asset management sectors.”

In 2018, Bermuda put in place a specialised legal and regulatory framework to give fintech business stability and certainty. The jurisdiction saw the introduction of Initial Coin Offering (ICO) and digital asset business legislation as well as incentives established by the Bermuda Monetary Authority (BMA) specifically to encourage fintech and insurtech growth and open innovation.

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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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Bermuda Economic Substance Requirements for In Scope Entities

Bermuda passed economic substance legislation in December 2018 (ES Law) as part of the international initiatives for fairer taxation globally and, in particular, to address the technical scoping paper of the European Union (EU) for jurisdictions designated by the EU as ‘2.2 Jurisdictions’ (Scoping Paper). This 2.2 Scoping Paper set out criteria relating to ‘economic substance’ of certain entities doing business in or through these 2.2 Jurisdictions. Bermuda is a 2.2 Jurisdiction. The ES Law requires that a Registered Entity (which does not include a trust or partnership without legal personality) carrying on a Relevant Activity comply with certain economic substance and reporting requirements. For information on what business activity constitutes a Relevant Activity and these economic substance and reporting requirements affecting in scope Registered Entities reference should be made to our Memorandum.

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