Bermuda’s financial regulator has released draft regulation for crypto custodial services

The Bermuda Monetary Authority (BMA) has released a draft Code of Practice for Digital Asset Custody and invited the public to comment on the proposed laws. Feedback can be given until the 18th of January 2019, and the regulations aim to protect investors with regard to digital asset custody.

Senior Adviser at BMA Moad Fahmi has stated that “the [regulatory] framework was built with the aim of making sure that the core objectives of financial regulation are respected, that is: protecting consumers, ensuring stability of our institutions and maintaining integrity and confidence in financial markets”.

Also read: Number of new crypto ATMs around the world continues to grow despite the recent crypto market collapse