• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Collaborative Agreement between Financial Regulatory Authorities in Abu Dhabi and Bermuda for Digital Assets Supervision

user avatar

by Giorgi Kostiuk

2 years ago


The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Bermuda Monetary Authority (BMA) have officially established a joint Digital Assets Memorandum of Understanding (MoU). This collaboration aims to streamline the oversight and management of digital asset entities within both jurisdictions. The MoU emphasizes regulatory cooperation, investigative assistance, and initiatives to enhance operational capabilities. Craig Swan, Chief Executive Officer of the BMA, expressed that the agreement signifies a significant advancement in strengthening regulatory relationships, promoting innovation, and enhancing resources through global partnerships. The partnership leverages the expertise and stability of the respective markets to cater to the evolving requirements of the digital asset industry, fostering knowledge sharing and robust regulatory compliance. Emmanuel Givanakis, CEO of the FSRA of ADGM, highlighted the MoU's importance in fostering cooperation and information exchange between the two regulatory bodies. Both ADGM FSRA and BMA are committed to encouraging responsible innovation in the digital asset sector, seeking to facilitate the establishment and effective supervision of digital asset enterprises. The collaboration aims to harmonize regulations, uphold integrity, ensure efficiency, and promote sustainable growth within the industry. Bermuda has emerged as a key center for digital assets due to its progressive regulatory environment and dedication to promoting innovation in fintech and blockchain industries. The BMA introduced the Digital Asset Business Act (DABA) in 2018, setting forth comprehensive regulations to provide clarity and support for digital asset businesses. The legislation aims to create a secure regulatory framework that fosters innovation while safeguarding market integrity and investor interests. Additionally, the MoU extends cooperation to areas such as joint publications, supervisory groups, and training programs to enhance regulatory harmonization and industry knowledge exchange.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

CZ Expresses Hope for Meme Coin Growth from a Builder's Perspective

chest

CZ expresses hope for the continued popularity of meme coins while emphasizing the importance of building better tools and user experiences in the crypto space.

user avatarLeo van der Veen

BounceBit's CeDeFi V20 Launch Indicates Positive Outlook for Future Upgrades

chest

BounceBit's CeDeFi V20 launch resulted in a 3x increase in TVL, indicating potential for future ecosystem enhancements.

user avatarLucas Weissmann

BounceBit Plans Major Ignition Chain Upgrade for High-Frequency Trading

chest

BounceBit plans an Ignition Chain Upgrade for Q1 2026 to enhance high-frequency trading execution on its blockchain.

user avatarFilippo Romano

Venezuelan National Charged with Running a $1 Billion Money Laundering Operation

chest

A Venezuelan national, Jorge Figueira, has been charged in the United States for allegedly running a large-scale money laundering operation that moved around $1 billion through cryptocurrency and traditional financial channels.

user avatarJesper Sørensen

Bitcoin Cash Maintains Growth Amid Market Recovery

chest

Bitcoin Cash is trading around 600, showing relative strength and emphasizing usability as a payments-focused network.

user avatarTomas Novak

Understanding XRP's Utility and Market Dynamics

chest

The Real Remi Relief emphasizes the importance of knowing XRP's utility beyond price speculation.

user avatarEmily Carter

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.