The Financial Services Regulatory Authority (FSRA) of ADGM and the Bermuda Monetary Authority (BMA) have recently announced the signing of a joint Digital Assets Memorandum of Understanding (MoU).
The MoU creates a framework “enabling the collaboration between the BMA and the FSRA to support the establishment of digital assets entities across their jurisdictions and ensure their effective supervision.”
This framework encompasses regulatory and supervisory cooperation, “investigative assistance and capacity enhancement initiatives.”
The 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.”
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 harmonization, enhanced integrity and efficiency as well as prudent industry growth.”
The MoU, which was entered into earlier this year “with immediate effect, extends to further areas of cooperation including publications and media content, supervisory colleges, working groups and training.”
As covered, ADGM operates across Al Maryah Island and Al Reem Island, “an area of 14.38 million sqm, making it one of the largest financial districts in the world.”
With its expanded district, ADGM attracts “a diverse range of businesses, from financial institutions, asset management, fintech, corporations and professional services firms.”
It provides a comprehensive suite of business solutions, “encompassing different legal structures, company registration and incorporation, regulatory guidance and oversight, dispute resolution, and access to a vibrant community of like-minded professionals.”
Serving as a catalyst for change, ADGM continues “to enhance its world-class business environment.”
An environment that nurtures growth and fosters innovation, “creating an active community, and supports economic diversification in alignment with Abu Dhabi’s vision for the future.”