Study 2: Licensing frameworks for digital asset service providers

Purpose

Purpose of this benchmarking is to provide insights into the current regulatory regimes for licensing of digital asset service providers with a view to:

Establishing a baseline understanding of the nature of current licensing regime

Identifying areas of commonality and divergence across jurisdictions

Supporting the identification of potential gaps, blinds spots or factors that could give rise to regulatory arbitrage and would benefit from further regulatory attention

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Scope

In scope for the first phase of this benchmarking are a subset jurisdictions that have implemented a bespoke regulatory framework for digital assets. This approach was chosen to support coherence in the analysis and comparability across regimes.

The specific jurisdictions include:

Anguilla

Antigua & Barbuda

Bahamas

Bahrain

Bermuda

Botswana

British Virgin Islands

Eastern Caribbean Currency Union (ECCU) countries (Dominica, Grenada, St. Kitts & Nevis, St. Vincent & the Grenadines)

Malta

Mauritius

For future phases of the benchmarking, the scope is planned to be expanded to include jurisdictions that have chosen alternative paths to bringing digital asset issuances under the regulatory umbrella, such those operating under a hybrid model or those regulating digital assets under existing regulation.

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Analysis framework

The benchmarking analysis has been structured to cover four dimensions of the licensing framework and process:

License categories

Application process

Licensing criteria

Other key provisions

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Study results

Click

here⁠

to access the detailed benchmarking analyses.

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