The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Bermuda Monetary Authority (BMA) have announced the signing of a joint Digital Assets Memorandum of Understanding (MoU).
The MoU establishes a framework to enable collaboration between the BMA and the FSRA. This will further support the establishment of digital asset entities across their respective jurisdictions and ensure their effective supervision. The framework also encompasses regulatory and supervisory cooperation, investigative assistance, and capacity enhancement initiatives.
Read more: Abu Dhabi’s ADGM sees record 211 percent surge in AUM in Q1 2024
BMA’s Chief Executive Officer, Craig Swan, stated: “The agreement with the FSRA marks a significant step in strengthening links between regulators, supporting innovation and enhancing capabilities and resources through international collaboration. This MoU leverages the stability and expertise of our markets to address the evolving needs of the digital asset business sector. We look forward to greater knowledge exchange and deeper regulatory cooperation to encourage a secure and sustainable growth environment.”
Moreover, Emmanuel Givanakis, CEO of the FSRA of ADGM said, “The signing of the MoU underlines our dedication to cooperation and the exchange of information between ADGM FSRA and BMA. Both jurisdictions share a mutual commitment to driving responsible innovation for the digital asset landscape.”
Givanakis further added, “Through this agreement, we aim to foster the creation and effective oversight of digital asset businesses across both jurisdictions and pave the way for greater regulatory harmonization, enhanced integrity and efficiency as well as prudent industry growth.”
Additionally, the MoU, which took effect earlier this year, also extends to additional areas of cooperation. These include joint publications and media content, participation in supervisory colleges, working groups, and training programs.
For more economy news, click here.
