8 February 2021News

BMA signs digital assets MoU with Wyoming Division of Banking

The Bermuda Monetary Authority (BMA) has signed a Memorandum of Understanding (MoU) with the Wyoming Division of Banking (WDOB) that creates a framework for the regulation of digital assets entities across jurisdictions.

The framework includes supervisory co-operation, mutual assistance and the exchange of information. The MoU extends to further areas of cooperation, including office hours, workshops and other discussions with digital asset businesses, staff exchanges and joint meetings.

BMA deputy chief executive officer, Craig Swan, said companies in both jurisdictions will benefit from consumer protection, while innovators are empowered with a bespoke regulatory framework that takes into account the particularities of the digital assets industry.

“The BMA aims to foster innovation and connect its financial ecosystem globally,” he said. “This MoU creates a regulatory bridge, which facilitates the emergence of regulatory and supervisory best practices in the area of digital assets.”

Albert Forkner, Wyoming’s banking commissioner, said the BMA and WDOB both understand the critical role of responsible innovation to the future of finance.

“Today’s actions establish a strong foundation on which to build future coordination and collaboration between the WDOB and BMA," he said.