Plume secures Bermuda license for what it calls first regulated onchain vault manager

Quick Take
- Plume’s Bermuda subsidiary, Kimber Digital Assets Bermuda ISAC Ltd. (KDAB), has secured a Class M Digital Asset Business Licence from the Bermuda Monetary Authority.
- The licence puts Plume alongside Circle, Coinbase, and Kraken as firms operating under Bermuda’s Digital Asset Business Act framework.
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Plume, a blockchain built for real-world asset tokenization, has secured a digital asset business license from the Bermuda Monetary Authority for its subsidiary Kimber Digital Assets Bermuda ISAC Ltd., enabling what it claims is the world's first regulated onchain vault manager.
The Class M license, granted under Bermuda's Digital Asset Business Act 2018, subjects KDAB to full prudential oversight, including net asset requirements, liquidity risk management, and wind-down planning.
The license also allows the firm to distribute vault tokens permissionlessly to anyone with an internet connection and a stablecoin.
Vault design
Plume vault structure borrows deliberately from the ETF playbook. Users deposit assets, receive proportional shares, earn yield, and redeem at net asset value.
The key difference is that everything runs on immutable smart contracts rather than on administrators or custodians, with a curator managing and rebalancing assets according to hardcoded rules.
"The ETF was the last great structural innovation in asset management," Chris Yin, co-founder and CEO of Plume, said in an announcement. "The BMA license makes this real. It means this is not an experiment. It is a regulated financial product, supervised by a regulator that has been overseeing global financial services since 1969."
KDAB claims to be the first regulated vault curator licensed to issue and distribute vault tokens under AML standards modeled on those applied to stablecoins under Bermuda law and the U.S. GENIUS Act.
Each vault operates through its own incorporated segregated account under Bermuda's Incorporated Segregated Accounts Act 2019. As such, the vault enjoys statutory ring-fencing, separate legal personality, and bankruptcy remoteness.
Vault reserves are held onchain in non-custodial smart contracts with continuous, cryptographically verifiable proof of collateral attested by Bluprynt. Freeze-and-seize capabilities are embedded directly in the vault token at the AML layer.
Plume joins Circle, Coinbase, and Kraken as firms that have chosen Bermuda's DABA framework as a regulatory base.
The license also activates an existing but underused legal pathway. U.S.-registered master funds can now be accessed by non-U.S. feeder structures at onchain scale, pairing a BMA-supervised feeder with a globally distributable vault token.
U.S. asset managers gain a credible route to reach investors in markets they have historically been unable to serve without standing up separate fund infrastructure. "With this level of regulatory alignment, we will be able to distribute high-quality assets to a broad audience globally, removing high barriers to entry," said Teddy Pornprinya, Plume co-founder and chief business officer.
Plume (PLUME), which launched its mainnet in June 2025 with $150 million in real-world assets already deployed, has built tokenization infrastructure spanning solar farms, private credit, Medicaid claims, and mineral rights. Apollo Global Management made a strategic investment in the network in April 2025. The company reported a blocked transaction rate of 0.000005%, compared with roughly 1% on other public blockchains.
Specific vault products operating under the new KDAB license will be announced in the coming days and weeks, the company said.
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