UAE – Mubasher: The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has signed a joint digital assets memorandum of understanding (MoU) with the Bermuda Monetary Authority (BMA).

The MoU establishes a framework for collaboration between the BMA and the FSRA to support the establishment and effective supervision of digital asset entities across their jurisdictions, according to a press release.

This framework includes regulatory and supervisory cooperation, investigative assistance, and capacity enhancement initiatives.

Craig Swan, CEO of the BMA, 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,” Swan added.

For his part, Emmanuel Givanakis, CEO of the FSRA of ADGM, stated: “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 prudent industry growth,” Givanakis noted.

It is noteworthy that ADGM reported a 211% annual leap in assets under management (AUM) during the first quarter (Q1) of 2024.