HAMILTON, BERMUDA – The Bermuda Monetary Authority (BMA) and the Wyoming Division of Banking (WDOB) announced today their joint Digital Assets Memorandum of Understanding (MoU).
This MoU creates a framework under which the BMA and the WDOB can co-operate to facilitate the establishment of digital assets entities across jurisdictions and their effective supervision. The framework includes supervisory co-operation, mutual assistance and the exchange of information.
BMA Deputy Chief Executive Officer, Craig Swan, says, “The BMA aims to foster innovation and connect its financial ecosystem globally. This MoU creates a regulatory bridge, which facilitates the emergence of regulatory and supervisory best practices in the area of digital assets. For financial registrants within our jurisdictions, it sets up an environment that protects financial consumers yet allows innovators to operate under a bespoke regulatory framework where the particularities of the digital assets industry are factored in.”