The Bermuda Monetary Authority and the Financial Services Regulatory Authority of the Abu Dhabi Global Market signed a joint Digital Assets Memorandum of Understanding in January, the BMA has disclosed.

The MoU created a framework enabling collaboration between the BMA and the FSRA to support the establishment of digital-assets entities across their jurisdictions and ensure their effective supervision, the authority said today.

This framework encompasses regulatory and supervisory co-operation, investigative assistance and capacity enhancement initiatives, a statement said.

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 co-operation to encourage a secure and sustainable growth environment.”

Emmanuel Givanakis, CEO of the FSRA of ADGM, commented: “The signing of the MoU underlines our dedication to co-operation 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.”

The BMA said: “The MoU, which was entered into on January 11, 2024, with immediate effect, extends to further areas of co-operation including publications and media content, supervisory colleges, working groups and training.”