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
Wedbush Securities Optimistic About Apple Stock Under New CEO

Wedbush Securities expresses confidence in Apple stock's performance under new CEO John Ternus, predicting a surge with a new price target of $350.

Tim Cook Steps Down as CEO of Apple, John Ternus to Succeed

Tim Cook announced his resignation as CEO of Apple after 15 years, with John Ternus set to take over on September 1, 2026.

WhiteBIT Extends Partnership with FC Barcelona Until 2030

WhiteBIT has renewed its partnership with FC Barcelona until 2030, focusing on integrating digital assets into sports and enhancing fan engagement.

Coinbase to Introduce Trade at Settlement Option for XRP Futures.

Coinbase is set to launch a new Trade at Settlement feature for XRP futures on May 1, aimed at attracting institutional investors and improving liquidity.

XRP Ledger Enhances Institutional Adoption with ZK Proof Technology

XRPL Commons announced the addition of zero-knowledge proof technology to the XRP Ledger, enhancing onchain privacy for institutional adoption.

Google's Eighth-Generation TPU Chips Set to Enhance Performance

Google introduces eighth-generation TPU chips expected to deliver double the performance, enhancing processing power and competitive edge.

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