• 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

Bitcoin Price Set for Potential Increase

chest

Bitcoin's price is projected to rise, with long-term holders anchoring the market at higher levels.

user avatarRajesh Kumar

Mississippi College School of Law Introduces Mandatory AI Course for First-Year Students

chest

Mississippi College School of Law mandates a course on artificial intelligence for first-year students, reflecting the growing importance of AI in the legal field.

user avatarMiguel Rodriguez

Legal System Faces Challenges with AI Integration Amid Court Rulings

chest

The integration of artificial intelligence in the legal system is facing significant challenges due to recent court rulings, including concerns about the reliability of AI-generated information and the lack of attorney-client privilege for conversations with AI chatbots.

user avatarLuis Flores

Michael Arrington Highlights XRP's Role in Crypto Infrastructure Development

chest

Michael Arrington discusses the limitless potential of the XRP ecosystem and Ripple's role in developing essential infrastructure for the crypto industry.

user avatarArif Mukhtar

New York Takes Legal Action Against Coinbase and Gemini for Gambling Law Violations

chest

New York has filed lawsuits against Coinbase and Gemini for allegedly violating state gambling laws by offering prediction markets.

user avatarMaria Gutierrez

New York AG Letitia James Sues Coinbase and Gemini Over Illegal Gambling

chest

New York Attorney General Letitia James has filed a lawsuit against Coinbase and Gemini for allegedly operating illegal prediction markets without the necessary licenses.

user avatarDavid Robinson

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.