RATE Group | Bermuda Financial Regulator Rolled Out Cryptocurrency Custody Rules
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Bermuda Financial Regulator Rolled Out Cryptocurrency Custody Rules

23 Dec Bermuda Financial Regulator Rolled Out Cryptocurrency Custody Rules

Posted at 05:03h in Cryptocurrency News by

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According to a recent press release, Bermuda Monetary Authority (BMA), a financial regulator of Bermuda has published regulation for cryptocurrency custodial services. It has also invited comments on the draft Code of Practice for Digital Asset Custody.

The Code of Practice aims to protect the public while unfolding the expectations of the authority regarding digital assets custody. 18th January 2019 is set as the last date of submitting feedback to BMA. Moad Fahmi, the Senior Adviser at BMA, explained that the Code of Practice would benefit the financial system of the country. He also said, “We remind stakeholders 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 – with a focus on maintaining the highest standards of AML/ATF [Anti-Money Laundering/Anti-Terrorism…

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