Bermuda

The Bermuda Monetary Authority (BMA) supervises deposit-taking business under the Banks and Deposit Companies Act 1999. The law provides for different permissions, including banking, deposit company and restricted banking licences. A company incorporated in Bermuda is not necessarily authorised to accept deposits from the public. The starting point is the precise legal name and scope of permission shown on the BMA's register of regulated entities.

The Bermudian dollar (BMD) is the local currency, while contracts and international transactions can involve other denominations. Account availability, funding methods and permitted customers depend on the particular institution and agreement. Banking, insurance and digital asset businesses also belong to different regulatory sectors; the existence of one authorisation should not be treated as permission to offer a completely different service.