Stablecoin Association initiates operations with Apex Group as one of its key supporters in Bermuda
In August 2025, the Bermuda Stablecoin Association (BSA) was officially launched at a meeting hosted by Apex Group and Penrose Partners at the Ministry of Finance in Bermuda. The BSA, a collaborative, industry-led forum, aims to support the adoption and institutional standard setting of stablecoins in the island nation.
Kerem Kolcuoglu, founder and managing partner of Penrose Partners, expressed his gratitude for the opportunity to support public and private sector initiatives in Bermuda's digital finance efforts. He hopes that digital finance can enable Bermuda to compete for international business at the global stage for the decades to come.
Peter Hughes, founder and CEO of Apex Group, also emphasised the importance of collaboration and responsible innovation in shaping Bermuda's digital finance ecosystem. He believes that the launch of the BSA is a testament to a shared vision for setting the standards for the future of regulated stablecoins in Bermuda.
The BSA's efforts are aimed at positioning Bermuda as a global hub for institutional-grade digital finance. Bermuda's government is actively working towards this goal, with ongoing strategic priorities including Bermuda's positioning in institutional digital investment markets and addressing local challenges around payments and banking.
The BSA will play a strategic role in these efforts by acting as a forum for stablecoin stakeholders to collaborate on setting standards and shaping the future of local stablecoin regulation. Working groups have been proposed to focus on compliance, technical standards, policy engagement, and public education within the BSA.
The Bermudan government's commitment to digital finance is evident in its ongoing efforts to prepare the island to thrive in the 21st century by embracing the opportunities that digital finance offers. This includes the national adoption of digital finance, which is aimed at benefiting residents, businesses, and government operations.
Bermuda is actively positioning itself as a leader in the regulated digital assets space through ongoing regulatory innovation, stakeholder engagement, and the development of a robust supervisory framework via the Bermuda Monetary Authority (BMA). A key recent initiative includes a consultation on a new Digital Identity Service Provider licensing regime designed to enhance trust and security in the digital economy, demonstrating Bermuda's commitment to a comprehensive digital asset ecosystem.
The BMA's regulatory framework includes strict oversight and penalties, ensuring a secure and compliant digital finance environment. The BMA also actively promotes education and international collaboration through initiatives like fintech webinars to support innovation and maintain Bermuda’s fintech ecosystem attractiveness. Bermuda emphasizes strong anti-money laundering (AML) frameworks and regulatory clarity in tokenized securities and digital assets, balancing compliance with fostering innovation.
The collaboration between the BSA and other entities is key to ensuring that Bermudian vendors and businesses gain access to the digital economy. The Digital Finance Roundtable discussions aim to further strengthen Bermuda's position at the forefront of digital finance and innovation. Premier and minister of Finance David Burt commented on the importance of digital finance and innovation for Bermuda's future prosperity.
In summary, the launch of the Bermuda Stablecoin Association marks a significant step forward in Bermuda's digital finance journey. With a focus on collaboration, innovation, and regulatory compliance, Bermuda is well-positioned to compete on the global stage and thrive in the digital age.
[1] Bermuda Monetary Authority
[2] Bermuda Monetary Authority
[3] Bermuda Stablecoin Association
[4] Economic Development Department
[5] Bermuda Monetary Authority
[1] The Bermuda Monetary Authority (BMA) actively promotes education and international collaboration through initiatives like fintech webinars to support innovation and maintain Bermuda’s fintech ecosystem attractiveness.
[2] Working groups have been proposed within the Bermuda Stablecoin Association (BSA) to focus on compliance, technical standards, policy engagement, and public education.
