Country guide for Bermuda. Also read the general guide to accepting crypto into a non-custodial company wallet , browse the offshore crypto-payments hub, and see all country guides.
Can a Bermuda Company Accept Crypto Payments Without a Bank Account?
Generally, yes. A Bermuda company can usually receive a cryptoasset directly into its own corporate wallet when the transfer pays for the company's own goods or services.
Bermuda is particularly relevant because its digital-asset legislation expressly distinguishes regulated services offered to the public from activity undertaken solely for an organisation's own business operations. This makes it one of the clearer jurisdictions for a properly documented direct merchant-payment model.
For a company facing long bank-onboarding timelines or limited payment-processor support, a non-custodial wallet can provide an independent way to collect international revenue. The wallet does not provide credit, deposit protection or fiat payment services, but it can remove the bank or payment institution from the immediate crypto collection flow.
Why a Bermuda Company May Use a Corporate Wallet
An international company may encounter detailed beneficial-owner, source-of-wealth, customer-geography and business-model reviews when applying for a bank or payment account. Crypto does not remove those questions, but direct wallet settlement can offer:
- immediate access to a global payment network;
- direct receipt without an acquiring bank;
- 24/7 settlement and verifiable timestamps;
- multi-signature corporate control;
- the ability to retain the asset after receipt;
- a clear transaction trail for reconciliation.
The company should still maintain a fiat plan for taxes, salaries and expenses. A corporate wallet is an alternative collection channel, not a claim that the business has a bank account or that customer funds are protected as deposits.
Bermuda Digital Asset Business Rules
The Bermuda Monetary Authority states that the Digital Asset Business Act 2018 regulates activities including digital-asset issuance, payment services using digital assets, electronic exchanges, custodial wallets and digital-asset services vendors.
Section 11 of the Act also states that providing a digital-asset business activity solely for the undertaking's own business operations, or those of its subsidiary, does not constitute digital asset business for the licensing restriction.
That provision gives strong support to a merchant that receives an asset as its own revenue. A DAB licence analysis is still required where the company:
- provides payment services to other merchants;
- receives and forwards customer assets;
- controls customer keys or custodial wallets;
- exchanges assets for the public;
- operates a trading platform;
- issues, sells or redeems a digital asset.
Official sources: BMA — Digital Assets Supervision and Regulation, Bermuda Digital Asset Business Act 2018.
Is Mandatory Fiat Conversion Required?
There is no general Bermuda requirement that an ordinary merchant immediately convert every received cryptoasset to fiat. The company may generally hold the asset in its own wallet under an approved treasury policy.
Immediate conversion and accounting valuation are different questions. The company should record the contractual fiat price and fair or otherwise applicable reporting value when the asset is received. Any later exchange, sale or use of the asset is a separate treasury transaction.
The company may still need a regulated exchange or bank when it wants to meet fiat obligations. Those providers can request the Invoiceum invoice, customer details, transaction hash, wallet-control proof and source-of-funds explanation.
Corporate Tax and Economic Substance
Bermuda introduced corporate income tax for fiscal years beginning on or after 1 January 2025. The regime primarily applies to Bermuda entities in multinational enterprise groups with annual consolidated revenue of EUR 750 million or more, subject to the detailed statutory tests.
Companies outside that scope must still consider payroll taxes, annual government fees, economic-substance declarations and taxation in any country where the business is effectively managed or operates.
Bermuda's economic-substance rules require an entity engaged in a relevant activity to maintain substantial economic presence. An entity not engaged in a relevant activity must still make the applicable annual declaration.
Official sources: Bermuda Corporate Income Tax, Corporate Income Tax Act 2023, Bermuda Economic Substance Guidance.
How to Use Invoiceum in Bermuda
Invoiceum.com can document why each wallet receipt belongs to the company and how it relates to a commercial supply.
Recommended invoice fields include:
- Bermuda company name, number and address.
- Customer details and supply description.
- Contractual price in USD or another functional currency.
- Accepted cryptoasset and network.
- Corporate receiving address.
- Rate source, calculation time and quote expiry.
- Required confirmations.
- Underpayment, refund and incorrect-network terms.
After payment, link the transaction hash, timestamp, token quantity and fiat value to the Invoiceum record and accounting entry.
Invoiceum should remain outside the custody flow. If an invoice provider receives the funds, converts them or settles onward to the merchant, it may be providing a regulated digital-asset or payment service rather than documentation alone.
Recommended Bermuda Workflow
- Document that crypto is payment for the company's own supply.
- Approve a token, network and treasury policy at board level.
- Use a corporate multi-signature wallet with hardware-wallet signers.
- Perform proportionate customer and wallet-risk screening.
- Issue the invoice through Invoiceum with a fiat contractual price.
- Record the on-chain receipt and reporting value.
- Reconcile the wallet and books regularly.
- Preserve records for auditors, banks, exchanges and the registered office.
Frequently Asked Questions
Can a Bermuda company accept stablecoin payments directly?
Generally, yes, where the payment is for the company's own goods or services and does not form part of a service offered to third parties.
Does the Digital Asset Business Act require a licence?
The Act licenses specified digital-asset services. It excludes activity undertaken solely for the undertaking's own business operations, but the complete payment flow must be reviewed.
Must the company sell the crypto for USD?
No general immediate-conversion rule applies to an ordinary merchant. Valuation and accounting are still required.
Is a wallet a legal replacement for a bank account?
It can replace a bank or PSP as the collection route for willing crypto-paying customers. It does not provide the other functions or protections of a bank account.
What does Invoiceum add?
It can connect the legal invoice, wallet instructions and blockchain evidence in one commercial record while the company retains control of its wallet.
Official Sources
- BMA — Digital Assets Supervision and Regulation
- Bermuda Digital Asset Business Act 2018
- Bermuda Corporate Income Tax
- Corporate Income Tax Act 2023
- Bermuda Economic Substance Guidance
This page provides general information and is not legal, tax, banking or accounting advice.