• Thu, 21 Nov 2019, 10:11 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Bermuda Monetary Authority publishes draft rules for cryptocurrency custody

Wed, 02 Jan 2019, 04:46 am UTC

The Bermuda Monetary Authority (BMA) last month released a draft Code of Practice for Digital Asset Custody for consultation.

According to the official release dated December 18, 2018, the code prescribes measures to ensure “a high level of care when safeguarding client’s assets.” Comments on the draft code should be sent by 18 January 2019.

The code defines a standard for operating as a custodian of digital assets, and is to be adhered to by every digital asset business (DAB) that maintains or is responsible for the custody of its clients’ private keys, according to the document. It covers both technology and business controls in specific areas like hot and cold storage, key generation, transaction handling, incident reporting and more.

“Failure to comply with provisions set out in the Code will be taken into account by the Authority in determining whether a licensed DAB is meeting its obligation to conduct its business in a sound and prudent manner in accordance with the Act,” it said.

Moad Fahmi, Senior Advisor, (Supervision) Financial Technology at the Authority, said that the code complements the extensive body of rules for digital asset businesses published by the BMA.

“We remind stakeholders that the 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 – with a focus on maintaining the highest standards of AML/ATF,” Fahmi said.

In September 2018, the BMA had released the licensing requirements for digital asset businesses in the country.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,630.71 (-5.00%)
  • Ethereum (ETH) $160.37 (-8.80%)
  • XRP (XRP) $0.243200 (-3.15%)
  • Bitcoin Cash (BCH) $224.80 (-7.84%)
  • Litecoin (LTC) $50.84 (-8.18%)
  • Bitcoin (BTC) $7,630.71 (-5.00%)
Nov 21, 2019 (Thursday)
14:01
Binance.US teams up with crypto brokerage Tagomi to offer institutional liquidity
12:29
Chinese authorities move forward with plans to introduce blockchain standardization
11:54
Crypto Technicals: XRP/USD grinds lower capped below 5-DMA, bearish bias intact
10:15
Malta-based Binance acquires Indian crypto exchange WazirX
09:30
Crypto Technicals: ETH/USD drops below cloud, hits new 4-week lows, bias bearish
09:11
TradeStation Group's new crypto brokerage platform launches for approved countries, U.S. states
08:52
Libra will be classified once it goes live; PayPal explains why it backed out of the Association
07:56
Facebook’s Libra marches ahead, logs 34 projects since testnet launch in September
06:47
Crypto exchange Shapeshift introduces commission-free trading
06:36
Crypto Technicals: LTC/USD confirms 'Death Cross' on 4-hour charts, scope for downside resumption
06:04
Bitcoin.com to launch $200M bitcoin cash investment fund in 2020
05:34
CryptoCompare drops Binance out of its Exchange Benchmark; Hacking incident cited behind the decision
04:50
Crypto Technicals: BTC/USD extends consolidation above 55W EMA (7951), bias bearish
04:50
1.4M GateHub user information compromised five months after it suffered a hacking incident
04:46
$400M of Ripple’s XRP token linked to illicit activity: Elliptic
03:01
Federal Reserve chairman doesn’t see benefits of CBDC for U.S. consumers
Nov 20, 2019 (Wednesday)
12:47
MAS launches consultation on allowing crypto derivatives trading on approved exchanges
11:49
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:49
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:22
Chinese firms HDFH, ZVCA and Yillion Bank launch $1B blockchain investment fund
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft