Apex Group, the asset servicing provider, and Penrose Partners, the digital asset advisory, have hosted the inaugural meeting of the Bermuda Stablecoin Association (BSA), as part of ongoing efforts by the government of Bermuda to position the jurisdiction as a leader in the regulated digital assets space.
Hosting a meeting at the Ministry of Finance, the government has outlined its commitment to digital finance, starting from the introduction of the Digital Asset Business Act (DABA) in 2018. This has evolved with the drive to position the national adoption of digital finance in a way that “benefits residents, businesses, and government operations”.
Ongoing strategic priorities include Bermuda’s positioning in institutional digital investment markets as well as local challenges around payments and banking.
Premier and minister of Finance David Burt commented: “As we continue building on the success of the Digital Finance Forum held earlier this year, the Digital Finance Roundtable discussions further strengthen Bermuda’s position at the forefront of digital finance and innovation. This collaboration is key to ensuring that Bermudian vendors and businesses gain access to the digital economy, empowering them to operate seamlessly within global digital markets. Our ongoing efforts are preparing Bermuda to thrive in the 21st century by embracing the opportunities that digital finance offers, enhancing our global competitiveness and ensuring prosperity for future generations.”
The BSA meeting, facilitated by Apex Group and Penrose Partners, brought together founding participants, including global digital asset firms operating in Bermuda, and marked the formal launch of the group. Participants have defined it as a “collaborative, industry-led forum to support the adoption and institutional standard setting of stablecoins.”
Working groups have been proposed to focus on compliance, technical standards, policy engagement, and public education.
Peter Hughes, founder and CEO of Apex Group, commented: “Bermuda is a global leader in digital finance because of our unique collaborative spirit. These meetings with the government, the Bermuda Monetary Authority, and industry leaders are critical to shaping an ecosystem that promotes responsible innovation. The launch of the Bermuda Stablecoin Association is a testament to this shared vision, creating a forum where we can work together to set the standards for the future of regulated stablecoins and ensure Bermuda continues to thrive as a hub for institutional-grade digital finance.”
Kerem Kolcuoglu, founder and managing partner of Penrose Partners, commented: “We are grateful to have the opportunity to support both public and private sector initiatives in their efforts to collaborate and make Bermuda a global hub for digital finance. This collaboration historically has resulted in great success for Bermuda’s international business market and local economy. We hope that digital finance can enable Bermuda to compete for international business at the global stage for the decades to come.”
