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

by Giorgi Kostiuk
2 years ago

Other news
Bernstein Analysts Recommend Buying BYD Stock

Bernstein analysts recommend buying BYD stock, highlighting the undervalued battery business and potential for growth.

US Marshals Confirm 5755 BTC from Samourai Wallet Will Not Be Sold

The US Marshals Service has denied reports of selling 5755 BTC forfeited by Samourai Wallet developers, confirming the assets will remain in the Strategic Bitcoin Reserve.

NAP Hash Offers Cloud Mining Solutions Amid Market Uncertainty

NAP Hash offers cloud mining services that enable users to earn passive income while managing market volatility.

Zero Knowledge Proof (ZKP) Emerges as a Game-Changer in Data Sovereignty

Experts predict a significant price explosion for ZKP as it addresses data ownership issues.

New Regulations Provide Clarity for Crypto Payroll Practices

New legislation in the US and Europe is establishing clearer guidelines for the use of digital assets in payroll.

China's Economic Challenges Persist Amid Tech Boom

China's overall economic outlook remains bleak despite a surge in tech stocks, with shrinking investments and weak consumer spending.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter