Created: Jun 26, 2026 02:57 PM (Updated: Jun 26, 2026 02:57 PM)
BMA David Burt, the Premier and Minister of Finance (Photograph by Akil Simmons)
Bermuda’s digital asset sector expanded rapidly last year while the Bermuda Monetary Authority posted higher revenue and profits as it increased staffing to oversee the island’s growing financial services industry.
According to the BMA’s 2025 annual report, tabled in the House of Assembly today by David Burt, the number of licensed digital asset businesses operating in Bermuda rose to 49 at the end of 2025, up from 36 a year earlier.
According to Mr Burt, the Premier and Minister of Finance, the sector’s continued growth reflected “this Government’s foresight in ensuring that Bermuda established a credible regime for this emerging sector”. The Digital Asset Business Act framework has been in place since 2018.
The report also showed the regulator’s financial position strengthened during the year. Total revenue increased 16.1 per cent to $150.7 million, driven largely by a $24.47 million increase in supervisory and licensing fees, while net income rose to $18.55 million from $17.93 million in 2024.
Expenses increased 18.1 per cent to $132.15 million, mostly because of higher salaries and benefits, as the authority expanded its workforce to 343 full-time employees from 302 a year earlier.
The insurance industry remained the regulator’s largest source of income, contributing $126.34 million of the $138.96 million collected in licensing fees.
The report also showed growth across Bermuda’s wider financial services sector.
Assets under management reported by licensed investment business providers climbed to $300.2 billion from $230.5 billion in 2024, while total assets under administration increased to $30.7 billion from $25.4 billion.
Raja Chakravorti of the Stellar Development Foundation and David Burt, Premier and Minister of Finance, discuss the digital asset sector at the Bermuda Digital Finance Forum 2026 (Photograph by Akil Simmons)
On the Bermuda Stock Exchange, total equity market capitalisation rose to $297 billion at the end of 2025, compared with $217.6 billion a year earlier. The exchange added 209 new insurance-linked securities during the year, up from 156 in 2024.
Domestic share trading, however, fell sharply, with trading volume dropping to just over 834,000 shares from 11.3 million in 2024 and the value of shares traded declining to $11.6 million from $105.8 million, primarily because of merger activity.
Mr Burt told MPs that the BMA leadership deserved praise for their “sound stewardship and the excellent financial results achieved in 2025”.
Mr Burt added: “As Minister of Finance, I am especially grateful for the continued partnership and collaboration with the Authority’s leadership, as this Government remains focused on expanding and strengthening Bermuda’s financial services sector in a globally competitive environment.”
