Bermuda & Abu Dhabi authorities sign MoU for digital assets regulation
The Bermuda Monetary Authority (BMA) and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) have signed a memorandum of understanding (MoU) to support the establishment of digital assets entities across the two jurisdictions.
The signing of a joint Digital Assets MoU is designed to create a framework enabling the collaboration between the entities to support the establishment of digital assets entities across both jurisdictions and ensure their effective supervision. The framework encompasses regulatory and supervisory cooperation, investigative assistance and capacity enhancement initiatives.
The MoU, entered into on January 11, 2024 with immediate effect extends to further areas of cooperation including publications and media content, supervisory colleges, working groups and training.
Craig Swan, BMA chief executive officer (CEO), said: “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.”
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. 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 harmonisation, enhanced integrity and efficiency as well as industry growth.”
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