🇧🇲

Crypto Regulation in Bermuda

Crypto Friendly

Bermuda has established itself as a leading crypto-friendly jurisdiction with the Digital Asset Business Act (DABA) 2018, one of the world's first comprehensive crypto regulatory frameworks. The BMA has licensed numerous crypto firms and the government accepts crypto for tax and fee payments.

Region: North AmericaCurrency: BMDRisk Score: 15/100

Tax Information

Capital Gains (Personal)
0% - no income tax, no capital gains tax
Capital Gains (Corporate)
0% - no corporate income tax
VAT on Crypto
No
Staking Tax
No income tax applies
Airdrop Tax
No income tax applies
Mining Tax
No income tax applies
Summary
Bermuda levies no income tax, capital gains tax, or withholding tax. This makes it extremely attractive for crypto businesses and investors. Payroll tax and customs duties are the primary revenue sources. Digital asset businesses pay annual license fees.

Licensing & Registration

License Required
Yes
Regulator
BMA (Bermuda Monetary Authority)
Framework
Digital Asset Business Act 2018 (DABA, amended 2020)
License Types
Class F (Full Digital Asset Business License), Class M (Modified Digital Asset Business License), Class T (Test Digital Asset Business License - Sandbox)
Estimated Cost (USD)
$25,000 - $200,000
Timeline
3-9 months
Ease of Licensing
Medium
Notes
Bermuda's DABA was among the first comprehensive crypto frameworks globally. The BMA has granted licenses to major crypto exchanges, custodians, and stablecoin issuers. The Class T sandbox license allows testing. The Digital Asset Issuance Act 2020 governs token offerings. The government has demonstrated commitment by accepting crypto for taxes.

AML / KYC

KYC Required
Yes
Travel Rule
Yes
FATF Member
No
FATF Status
Compliant
Suspicious Activity Reporting
Yes

Mining

Mining Legal
Yes
Status
Legal
Electricity Cost ($/kWh)
$0.35
Renewable Energy
20%
Climate
Temperate
Infrastructure
Good
Tax on Mining Income
0% - no corporate income tax
Notes
High electricity costs significantly reduce mining profitability.

DeFi, Stablecoins & NFTs

DeFi: regulatedStablecoins: specific frameworkNFTs: no_rulesCBDC: none

Soken Services

Legal Opinion
Available | $2,000 - $8,000 | 7 days
Banking
Difficulty: Medium | Crypto-friendly banks: Clarien Bank, Butterfield Bank
Min. Deposit
$25,000
Fiat Rails
ACH, SWIFT, Fedwire
Card Payments
Visa, Mastercard
Company Registration
$5,000 | 14 days | Exempt Company
Licensing Support
Available | $15,000 - $50,000

Sources

Bermuda Monetary Authority
Reviewed: 2026-03-10verified

Frequently Asked Questions

Is crypto legal in Bermuda?
Cryptocurrency is currently classified as "Crypto Friendly" in Bermuda. Bermuda has established itself as a leading crypto-friendly jurisdiction with the Digital Asset Business Act (DABA) 2018, one of the world's first comprehensive crypto regulatory frameworks. The BMA has licensed numerous crypto firms and the government accepts crypto for tax and fee payments.
What is the crypto tax rate in Bermuda?
In Bermuda, the personal capital gains tax on crypto is 0% - no income tax, no capital gains tax, and the corporate tax rate is 0% - no corporate income tax. Bermuda levies no income tax, capital gains tax, or withholding tax. This makes it extremely attractive for crypto businesses and investors. Payroll tax and customs duties are the primary revenue sources. Digital asset businesses pay annual license fees.
Do I need a crypto license in Bermuda?
Yes, a crypto license is required in Bermuda. The regulator is Bermuda Monetary Authority under Digital Asset Business Act 2018 (DABA, amended 2020). Estimated licensing cost: $25,000 - $200,000.
Is crypto mining legal in Bermuda?
Yes, crypto mining is legal in Bermuda. Electricity costs approximately $0.35/kWh. Mining income is taxed at: 0% - no corporate income tax. High electricity costs significantly reduce mining profitability.
What are the AML/KYC requirements for crypto in Bermuda?
Yes, crypto businesses in Bermuda must comply with KYC (Know Your Customer) requirements. The FATF Travel Rule is implemented. FATF compliance status: compliant.