The Act replaces the 2018 initial coin offering legislation, which amended the country's company laws to allow the issuance of digital assets to the public.

Responsibility for the administration of offerings of digital assets also passed from the Minister of Finance to the Bermuda Monetary Authority (BMA). 

Firms authorised to launch a digital asset in or from Bermuda will also need a local representative, who must be approved by the BMA and have a local office.