The Apex Group and Penrose Partners have facilitated the formation and first formal meeting of the Bermuda Stablecoin Association.

The founding partners included leading global digital-asset firms operating in Bermuda. The session marked the formal launch of the association, with participants agreeing on its role as a collaborative, industry-led forum to support the adoption and institutional standard setting of stablecoins.

Early working-group tracks were proposed to focus on compliance, technical standards, policy engagement and public education.

Digital finance leaders were convening in Bermuda to launch the association and engage in government digital finance round tables.

The Government announced today that it had hosted the international digital finance leaders in Bermuda for meetings last Wednesday.

It said that both engagements reinforced Bermuda’s position as a leader in regulated digital assets and stablecoin innovation through continued collaboration between the Government, the Bermuda Monetary Authority and industry stakeholders to align on the future of digital finance in Bermuda.

The Ministry of Finance hosted the Digital Finance Roundtable at the Cabinet Office, with stakeholder representation from the BMA, several global digital-asset leaders and representatives from the local banking industry.

The government statement said: “The ministry outlined Bermuda’s longstanding commitment to digital finance, dating back to the introduction of the Digital Asset Business Act in 2018, and shared its vision to drive national digital finance adoption in a way that benefits residents, businesses and government operations.

“Participants were invited to provide input on strategic priorities, including Bermuda’s positioning in institutional digital investment markets as well as local challenges around payments and banking.”

David Burt, the Premier and Minister of Finance, stated: “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.”

Peter Hughes, founder and CEO of Apex Group, added: “Bermuda is a global leader in digital finance because of our unique collaborative spirit. These meetings with the Government, the BMA and industry leaders are critical to shaping an ecosystem that promotes responsible innovation.”

He continued: “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, noted: “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.”

The government statement said: “Both meetings affirmed Bermuda’s commitment to responsible innovation and collaborative governance. The ministry will continue to work closely with the private sector and regulators to advance its digital finance agenda and position Bermuda as a globally recognised hub for regulated digital assets.”