As part of ADGM’s continuous efforts to be a leading Blockchain and digital assets hub, its Financial Services Regulatory Authority (FSRA) of ADGM and the Bermuda Monetary Authority (BMA) have signed a joint Digital Assets Memorandum of Understanding (MoU).
As per a press release , the MoU has established a framework for collaboration between BMA and FSRA to support digital asset entities in their respective jurisdictions. This means both entities will work on regulatory and supervisory cooperation, investigative assistance, and capacity enhancement initiatives.
MoU aims for regulatory and supervisory cooperation
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.”
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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.”
ADGM FSRA regulated the launch of the first stablecoin from the UAE
ADGM has been moving forward with its digital asset regulations, the most recent being the launch of the first regulated stablecoin.
Paxos International, a UAE-based affiliate of Paxos, announced the launch of Lift Dollar (USDL) – a yield-bearing stablecoin issued under the regulatory supervision of the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) in UAE. The Lift dollar (USDL) stablecoin is now available to consumers in Argentina via distribution partners Ripio, Buenbit, Manteca, and Plus Crypto.
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In March of this year, ADGM ( Abu Dhabi Global Market) registered its second DLT Foundation. The Finschia DLT Foundation, chaired by Youngsu Ko, has been registered as a Distributed Ledger Technology (DLT) Foundation with the ADGM. IOTA DLT Foundation announced its registration as the first foundation under the DLT Foundations Regulations at ADGM in November 2023.
ADGM also published a survey earlier this year that noted a strong trajectory of growth in several sectors, including Fintech and digital assets. Blockchain and Distributed Ledger Technology were also poised to grow by 17.08% and 16.83%, respectively. It is also noteworthy that the Bermuda Monetary Authority granted Coinbase crypto exchange a license.
Cryptopolitan reporting by Lara Abdul Malak
