The International Boxing Association (AIBA) has waived membership fees for National Federations including Bermuda this year to offset the financial impact of the COVID-19 pandemic.
The decision was made during the first meeting of the AIBA Board of Directors - previously the Executive Committee - this year.
The global health crisis prevented governing bodies such as AIBA from staging the majority of their sporting events last year and this looks set to continue in 2021.
AIBA development course fees have already been waived for National Federations as the governing body aims to improve boxing standards across the word.
The Board of Directors also approved a new governance policy for National Federations, which now must ensure officials are of untarnished reputation and democratically elected, without influence from a third party or Government.
In addition, National Federations must make sure both men and women are adequately represented.
"Only in unity with the National Federations will we be able to achieve all the ambitious goals that AIBA is facing," said AIBA President Umar Kremlev.
"Our task is not to take money from our members but to help them in everything.
"We have established new membership criteria to ensure good governance, integrity, and transparency."
"We started reforms from day one, and today we took another important step.
"Together, we can take all the necessary measures to bring AIBA back to the Olympic family.
"For this, the efforts and work of each of our National Federations are important to us."
National Federations will also be expected to report to AIBA about its structure, activities, and projects before February 28th each year.
This will be in addition to informing AIBA of national elections and their outcome.