ADVOCACY

COLLABORATION

DEVELOPMENT

EDUCATION

NEXT is an autonomous industry advocacy group for Bermuda-based digital asset companies licensed by the BMA providing a collective voice and opportunities for collaboration within Bermuda and globally.

We support a differentiated ecosystem of digitally native companies - banks, exchanges, custodians, investment managers, fund services companies, insurers & insurtech players, and innovative financial services providers.

 

Our membership is actively engaged in expanding their international operations in a well regulated ecosystem that brings an appropriate balance of innovation and risk management.

 
 

Founding Members

In May 2022, 13 companies licensed under the Digital Asset Business Act (DABA) and/or the Innovative Insurance (IIGB) category came together to form NEXT. We continue to grow as more companies select Bermuda as their jurisdiction of choice.

 
 

  • Bermuda’s approach has been to embrace blockchain technology while developing legislative and regulatory tools to minimise risks associated with such technology. This philosophy is reflected in both the Companies and Limited Liability Company (Initial Coin Offering) Amendment Act 2018 (ICO Act) and the Digital Asset Business Act 2018 (DABA)

    DABA, meanwhile, will regulate digital asset business carried on in or from within Bermuda, including payment service providers, electronic exchanges, custodial wallet services and market makers or traders of digital assets.

    There are three classes of licence: Class F, Class M and Class T.

  • In 2019, the BMA introduced a non-sandbox innovation class (Class IIGB) to address the innovation in the token economy (digital assets) further illustrating Bermuda’s willingness to adapt to the growing insurtech space.

    The insurance capacity for digital asset businesses is currently scarce. As the digital asset business sector becomes more attractive and as more jurisdictions introduce robust regulatory frameworks and legislation for digital asset businesses, the industry could see a growth in insurance indemnity coverage.

 

ORGANSING COMMITTEE

In the “flight to quality” for well regulated jurisdictions, Bermuda is the premier domicile for the wide spectrum of innovative companies building the future of finance and insurance.

 

Be a part of our community.

Sign up to receive information about our activities, career opportunities and industry updates.