Digital Asset Business Licence
A Digital Asset Business licence covers full-spectrum crypto operations under a single authorisation in Bermuda, the Bahamas and Thailand. Bermuda's BMA DABA is the best regarded of the three for institutional-grade offshore operations; the other two trade reputation for cost and speed.
What is a Digital Asset Business licence?
Digital Asset Business licences authorise the full spectrum of crypto asset activities — exchange, custody, issuance, transfer and related services — under jurisdiction-specific digital asset legislation.
- Bermuda's Digital Asset Business Act (DABA, 2018) was one of the world's first comprehensive digital asset licensing frameworks, regulated by the BMA.
- The Bahamas' Securities Commission (SCB) introduced its digital asset framework under the DARE Act, positioning the jurisdiction as a Caribbean digital asset hub.
- Thailand's SEC regulates digital asset businesses under the Emergency Decree on Digital Asset Businesses (2018), covering exchanges, brokers, dealers and ICO portals.
- Unlike VASP registration, Digital Asset Business licences often cover a broader scope including token issuance and ICO portals.
- None of these jurisdictions offer cross-border passporting — each licence authorises operations within the jurisdiction's market.
Who needs a Digital Asset Business licence
A Digital Asset Business licence fits full-spectrum crypto operations that would rather hold one broad authorisation than several narrow ones, and can meet offshore substance and compliance expectations.
Best for
- Token issuers and ICO operators seeking a reputable offshore legal base (especially Bermuda).
- Crypto businesses wanting full-scope authorisation without EU/EEA institutional complexity.
- Operators targeting Caribbean, Asia-Pacific or Latin American markets.
- Groups using Bermuda as an offshore holding/operating entity alongside a mainland licence.
Not for
- Businesses targeting EU/EEA retail clients — MiCA CASP is required.
- Operations that need passporting or broad cross-border recognition.
- Early-stage projects that cannot sustain ongoing BMA supervision costs.
- Businesses needing the very highest institutional reputation — consider Swiss FINMA or Hong Kong SFC.
Digital Asset Business licence cost and timeline by country
Digital Asset Business licence cost and timeline differ sharply between Bermuda, the Bahamas and Thailand. Side-by-side on cost, timeline, banking and reputation.
Related routes
Frequently asked questions about Digital Asset Business licensing
Yes. Bermuda's BMA DABA is one of the best-regarded offshore digital asset frameworks globally, with prudential supervision comparable to Caribbean premium jurisdictions. Major institutional counterparties generally accept BMA-licensed entities.
The FTX collapse in November 2022 was headquartered in the Bahamas. The SCB has since strengthened its supervisory approach. The Bahamas remains an active licensing jurisdiction but operators should expect increased scrutiny and banking access challenges.
No. A Thai SEC digital asset business licence authorises operations in Thailand. EU/EEA client servicing requires a MiCA CASP authorisation from an EU member state.
This information is for general guidance only and does not constitute legal or regulatory advice.