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UAE and Hong Kong Team Up for Crypto Regulation Framework

source-logo  cryptonewsland.com 30 May 2023 10:41, UTC
  1. The UAE and Hong Kong have met in Abu Dhabi to collaborate on crypto regulation frameworks.
  2. Aside from crypto, the meeting also discussed other matters related to financial services.
  3. Both the UAE and Hong Kong are crypto-friendly governments.

The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) met in Abu Dhabi to foster closer cooperation and enhance collaboration in the financial services sectors of both jurisdictions, which include digital assets.

The bilateral meeting, held on May 29 in Abu Dhabi, UAE, focused on various initiatives to strengthen ties between the two central banks and promote financial market connectivity.

Discussions between the CBUAE and the HKMA encompassed three key areas: financial infrastructure, financial market connectivity, and virtual asset regulations and developments. The central banks agreed to work together to enhance these aspects and explore opportunities for joint fintech development initiatives.

A joint working group will be established to implement the agreed-upon initiatives, led by the CBUAE and the HKMA. The group will consist of representatives from relevant stakeholders in the banking sectors of both jurisdictions.

Following the bilateral meeting, senior executives from UAE and Hong Kong banks joined the central banks for a seminar focused on key opportunities for collaboration.

The seminar touched upon several important topics, including facilitating cross-border trade settlement, enabling UAE corporates to leverage Hong Kong’s financial infrastructure platforms to access Asian and Mainland markets, and exploring financial and investment solutions within the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area).

Prominent banks operating in the UAE, such as First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, Industrial and Commercial Bank of China, Bank of China, HSBC, and Standard Chartered, actively participated in the seminar. From the Hong Kong side, banks including Bank of China, Citi, HSBC, and Standard Chartered were represented.

The collaborative efforts between the CBUAE and the HKMA aim to deepen financial ties, promote innovation, and facilitate greater economic cooperation between the United Arab Emirates and Hong Kong. These initiatives pave the way for increased connectivity, access to new markets, and the exploration of mutually beneficial opportunities for the banking sectors of both jurisdictions.