The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Bermuda Monetary Authority (BMA) have officially signed a joint Digital Assets Memorandum of Understanding (MoU).
This MoU establishes a collaborative framework between the FSRA and the BMA, aimed at facilitating the creation and supervision of digital asset entities within their jurisdictions. The agreement covers regulatory and supervisory cooperation, investigative support, and initiatives to enhance capacity.
Craig Swan, Chief Executive Officer of the BMA, commented: “This agreement with the FSRA represents a pivotal step in fortifying ties between regulators, fostering innovation, and improving capabilities and resources through international collaboration. The MoU leverages the stability and expertise of our markets to address the evolving needs of the digital asset sector. We anticipate increased knowledge exchange and deeper regulatory cooperation, promoting a secure and sustainable growth environment.”
Emmanuel Givanakis, CEO of the FSRA of ADGM, stated: “The signing of the MoU highlights our commitment to cooperation and information sharing between ADGM FSRA and BMA. Both jurisdictions are dedicated to promoting responsible innovation in the digital asset landscape. Through this agreement, we aim to support the creation and effective oversight of digital asset businesses in both jurisdictions, fostering greater regulatory harmonization, enhanced integrity, efficiency, and prudent industry growth.”
Bermuda is a significant hub for the digital assets space due to its progressive regulatory framework and commitment to fostering innovation in the fintech and blockchain sectors. The Bermuda Monetary Authority (BMA) established comprehensive regulations with the introduction of the Digital Asset Business Act (DABA) in 2018. This legislation provides clarity and support for digital asset businesses, ensuring a robust and well-defined regulatory environment that promotes innovation while safeguarding market integrity and investor protection.
Effective immediately, the MoU also includes further areas of cooperation such as joint publications and media content, supervisory colleges, working groups, and training initiatives.
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