Rasulzade

The term "Digital Asset Bill" commonly refers to legislative frameworks enacted by various jurisdictions to regulate digital asset activities, including cryptocurrencies, tokenized assets, and blockchain-based financial services. Two notable examples are Bermuda's Digital Asset Business Act 2018 and Antigua and Barbuda's Digital Assets Business Act 2020.

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🇧🇲 Bermuda: Digital Asset Business Act 2018 (DABA)

Bermuda's DABA, effective since September 2018, established a comprehensive regulatory framework for digital asset businesses operating within or from Bermuda. Administered by the Bermuda Monetary Authority (BMA), the Act aims to protect clients' interests and ensure the integrity of the digital asset sector.

Key Features:

Licensing Regime: Entities must obtain one of three licenses—Test (T), Modified (M), or Full (F)—based on their operational scope and risk profile.

Regulated Activities: Includes issuing, selling, or redeeming digital assets; operating payment services using digital assets; running digital asset exchanges; providing custodial wallet services; and offering digital asset derivatives and lending services.

Compliance Requirements: Mandates adherence to anti-money laundering (AML) and anti-terrorist financing (ATF) regulations, along with prudential standards and codes of practice.

This framework positions Bermuda as a forward-thinking jurisdiction for digital asset enterprises, balancing innovation with robust regulatory oversight.

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🇦🇬 Antigua and Barbuda: Digital Assets Business Act 2020

Enacted in June 2020, Antigua and Barbuda's Digital Assets Business Act provides a legal structure for the regulation of digital asset businesses within the country. The Act is complemented by the Digital Asset Business Regulations of 2021, forming a comprehensive framework for the sector.

Key Features:

Licensing Requirement: All entities engaged in digital asset activities must obtain a license from the Financial Services Regulatory Commission (FSRC).

Regulated Activities: Covers a broad range of services, including digital asset exchanges, wallet services, and other related operations.

Compliance Obligations: Firms must implement internal safeguards, data protection measures, and risk management policies, and adhere to AML and ATF standards.

Enforcement Provisions: Operating without a license is a criminal offense, subject to fines and imprisonment.

This legislation underscores Antigua and Barbuda's commitment to fostering a secure and transparent digital asset environment.

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🌍 Global Context

Both Bermuda and Antigua and Barbuda's legislative efforts reflect a broader global trend of establishing clear regulatory frameworks for digital assets. These laws aim to provide legal certainty, protect consumers, and encourage responsible innovation in the rapidly evolving digital asset landscape.

If you have a specific jurisdiction or aspect of digital asset regulation in mind, feel free to provide more details for a more tailored overview.
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