• 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

Micron's Investment Aligns with Singapore's High-Tech Industry Goals

chest

Micron Technology's significant investment in Singapore aims to enhance NAND production and aligns with the nation's goal of establishing high-tech industries, including AI.

user avatarJacob Williams

Micron Technology to Invest $24 Billion in Singapore for NAND Production

chest

Micron Technology Inc plans to invest an additional $24 billion in Singapore over the next decade to enhance its NAND manufacturing capabilities amid rising demand for AI.

user avatarZainab Kamara

Blockchain for Good Alliance and FLockio Form Strategic Partnership

chest

Blockchain for Good Alliance (BGA) and FLockio have announced a partnership to advance decentralized AI and blockchain initiatives for societal impact.

user avatarSon Min-ho

Bitcoin Traders Focus on Fed's Tone Ahead of Rate Decision

chest

Bitcoin traders are closely watching the Federal Reserve's tone during the upcoming interest rate announcement, as it could influence market movements.

user avatarKofi Adjeman

Trader Bets Big on Extreme Outcomes Ahead of Fed Meeting

chest

An anonymous trader has placed $23,000 in bets on three extreme outcomes for the upcoming Federal Reserve meeting, which is expected to maintain current interest rates.

user avatarAyman Ben Youssef

Nigerians Can Now Link PayPal Accounts to Paga Wallets

chest

Nigerians can now link their PayPal accounts to Paga wallets for easier access to global payments.

user avatarTando Nkube

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.