• 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

SUBBD Empowering the Creator Economy

chest

SUBBD positions itself as a creator-first platform, looking to fill the monetization gap for digital artists, streamers, and niche community builders.

user avatarElias Mukuru

Algorand Foundation Moves Headquarters to the US to Shape Financial Future

chest

The Algorand Foundation has announced its relocation from Singapore to the United States to enhance its influence in blockchain technology and financial systems.

user avatarKenji Takahashi

China Implements Ban on American Cybersecurity Software

chest

China has instructed local firms to stop using cybersecurity software from over 12 American and Israeli companies due to security concerns.

user avatarDiego Alvarez

ECOIN Wallet Unveils Major Update with One UI 8 Integration

chest

ECOIN Wallet has launched a major update that aligns with One UI 8 guidelines, enhancing user experience with a fresh design and new features.

user avatarMaria Fernandez

Futures Selling Pressure Declines, Signaling Market Shift

chest

A sharp drop in futures-driven selling pressure has been noted, indicating a potential shift in market dynamics.

user avatarGustavo Mendoza

Fermi Hard Fork Activates on BNB Smart Chain

chest

The Fermi hard fork activates on BNB Smart Chain, introducing the fastest block times in the network's history.

user avatarMiguel Rodriguez

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.