Plume has picked up one of the most significant regulatory stamps in the tokenization space. Kimber Digital Assets Bermuda ISAC Ltd. (KDAB), the blockchain network’s Bermuda subsidiary, received a Class M digital asset business license from the Bermuda Monetary Authority (BMA) on May 20, making KDAB the world’s first regulated on-chain vault manager.
Plume can now legally create and distribute vault tokens tied to tokenized institutional assets such as private credit, real estate, and commodities, while operating under anti-money laundering and customer recognition standards comparable to those governing stablecoins.
What you can actually do with your license
The Class M designation is one of three license types available under Bermuda’s Digital Asset Business Act, a framework that has been in place since 2018. The island’s jurisdiction is already home to major cryptocurrency companies such as Circle and Coinbase.
Vault tokens represent a fractional interest in a pool of tokenized institutional assets. It is a wrapper around real-world financial products that exist on-chain, giving investors exposure to assets that traditionally required a private banking relationship and a minimum of seven figures.
This license obligates KDAB to maintain AML and KYC standards throughout the lifecycle of these tokens, from issuance to distribution.
Plume is also registered as a transfer agent with the US SEC through Kimber Transfer Agency LLC, creating a dual jurisdiction compliance framework that covers two of the more important regulatory environments for digital assets.
big picture
Bermuda’s Digital Asset Business Act 2018 created a structured licensing regime before most countries began considering how to classify tokens.
Plume Network launched its mainnet in June 2025 and has since amassed over $350 million in decentralized asset value across financial protocols, including the Nest vault protocol.
What this means for investors
For institutional investors considering tokenized assets, Plume’s dual-regulated status (BMA-licensed custodian operating under AML/KYC standards, combined with U.S. SEC transfer agent registration) creates a compliance stack that risk committees can evaluate.
A “world first” in the regulatory category means there is no direct precedent for how regulators deal with edge cases, from token redemptions during market stress to cross-jurisdictional enforcement.
