Topic Archives: Company & Commercial Law

For a number of years, the international financial services sector has contributed the greatest amount to the Bermuda economy.  According to the National Economic Report published by the Ministry of Finance, international business provided $1.68 billion in total output or 27.3 per cent of total GDP in 2016. It is critical for Bermuda’s economic well-being then, that the Island remains in step with international standards set by supra-national regulatory authorities to protect the jurisdiction’s financial system from abuse.

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The Digital Asset Business Act 2018 (the “DAB Act”) became operative on 10th September 2018, creating a legislative framework for digital asset business and services to operate within a regulated environment in or from within Bermuda.

Digital assets are defined as anything that exists in binary format and comes with the right to use it and includes a digital representation of value that:

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The Companies and Limited Liability Company (Initial Coin Offering) Amendment Act 2018 (the “ICO Act”) became operative on 9 July 2018 and the underlying Companies and Limited Liability Company (Initial Coin Offering) Regulations 2018 (the “ICO Regulations”, together with the ICO Act, the “ICO Legislation”) were published on 10 July 2018.

The ICO Legislation governs all aspects of offering digital assets to the public in or from Bermuda. A digital asset covers anything that exists in binary format, including all forms of cryptocurrencies, digital coins and tokens issued in connection with an Initial Coin Offering (an “ICO”), which themselves are fundraising mechanisms similar to Initial Public Offerings, or IPOs, except that tokens, rather than shares, are issued.

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The General Data Protection Regulation (the “GDPR”) came into effect on 25 May 2018 and is designed to harmonise national data protection laws across the EU, while at the same time, modernising the law to address new technological developments. As a regulation, the GDPR is directly applicable, and therefore enforceable, in all 28 EU Member States. For an interesting summary, check out this infographic from the European Commission’s official website.

However, for those entities based outside of the EU, but who may do business within, or market to, the EU, or have EU clients, you may be asking: how will the GDPR affect you?  This question is the focus of this post, as entities based in the EU will, no doubt, have obtained advice locally with regard to their compliance requirements.

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In a recent announcement, the Premier of Bermuda, David Burt, who is also Minister of Finance, made it clear that his intention is for a “new class of bank” to come to Bermuda, with legislation on the way to create new services to cater to Bermuda-based FinTech companies. This was due to the island’s fledgling FinTech sector facing “understandable resistance” from banks, as their business model “does not fit the mould of what we have come to know as Bermuda’s traditional model.”

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