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Ⅰ How to apply for a digital currency license in British Bermuda

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Bermuda not only has a good blockchain entrepreneurial environment, but also has a relatively complete relevant legal system. In April 2018, the Bermuda Monetary Authority (BMA) issued the Virtual Currency Business Act 2018, which clearly stipulates that opening a virtual currency electronic exchange is an operation of "virtual currency". "Virtual Currency Business" (Virtual Currency Business), and operating this business requires applying for a license from the BMA.

There are two types of licenses: F and M. Holders of both types of licenses can engage in some or all of the above-mentioned virtual currency businesses. Although applicants can choose the type of license they apply for, the final license to be issued will be decided by the BMA.

II How to apply for a digital currency license in Bermuda

The Bermuda Monetary Authority, also known as the Bermuda Monetary Authority, its full name is: Bermuda The Monetary Authority, referred to as BMA, is responsible for supervising the financial services industry in Bermuda. Bermuda not only has a good blockchain entrepreneurial environment, but also has a relatively complete relevant legal system. In April 2018, the Bermuda Monetary Authority (BMA) issued the Virtual Currency Business Act 2018, which clearly stipulates that opening a virtual currency electronic exchange is an operation of "virtual currency". "Virtual Currency Business" (Virtual Currency Business), and operating this business requires applying for a license from the BMA.

There are two types of licenses: Class F and Class M. Holders of both licenses can engage in some or all of the above-mentioned virtual currency businesses. Although applicants can choose the type of license they apply for, the final license to be issued will be decided by the BMA.

The Bermuda Monetary Authority (BMA) was established in 1969. It now supervises and inspects financial institutions operating within its jurisdiction. It is also responsible for issuing Bermuda’s national currency, managing foreign exchange transactions, and assisting other institutions in preventing financial crimes. , as well as providing advice to the government on banking and other financial and monetary issues.
The BMA regulates Bermuda banks, trust companies, investment businesses, investment funds, fund management, cash services, corporate service providers and insurance companies. It also regulates securities trading in Bermuda.
BMA’s Responsibilities
Maintain and enhance Bermuda’s reputation as an international financial centre.Establish a voice and build a high-level professional team to represent the public interest to promote financial stability, protect the currency and provide effective supervision.
Bermuda BMA license application
The Bermuda Monetary Authority requires applicants for a BMA license to submit the following information:
1. The company’s articles of association and memorandum of association, and equivalent documents for unincorporated institutions;
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2. Recent financial statements;
3. Copy of customer agreement used or intended to be used for business;
4. Business plan setting out the nature and scale of the business conducted by the applicant, and details of the proposed arrangements for operating the business;
5. Equivalent documents filled in by all proposed institutions and individual shareholders and employees;
6. Description of the company structure, and a broader composition of licensed institutions The latest icon;
7. Anti-money laundering and counter-terrorist financing policies and procedures in compliance with the Anti-Money Laundering and Counter-Terrorist Financing Proceeds (Anti-Money Laundering and Counter-Terrorist Financing) Regulations 2008, and reports appointed in accordance with the regulations Name, contact information and relevant qualifications of the official;
8. Policies and procedures implemented by the applicant, including but not limited to compliance, adequate control systems and appropriate accounting procedures;
9. Documentary evidence;