Hong Kong and UAE Central Banks Join Forces on Crypto Regulations
Both Hong Kong and the United Arab Emirates (UAE) have strengthened ties after their respective central banks (CBUAE) and monetary authorities (HKMA) agreed to join forces on crypto regulation earlier this week.
The parties held a meeting in Abu Dhabi on Monday to “enhance collaboration between the financial services sectors of the two jurisdictions,” according to a press release from the HKMA published yesterday.
The topics discussed included financial infrastructure, financial market connectivity between both regions and “virtual assets regulations.”
Both central banks also sparked discussions between their respective innovation hubs on “joint fintech development initiatives and knowledge sharing efforts.”
The CBUAE and HKMA have now formed a joint working group to build on those initiatives, with support from each region’s banking sectors.
In a statement, CBUAE Governor H.E. Khaled Mohamed Balama said he looks forward to “longstanding engagement with the HKMA” on such matters:
“During the day’s discussions, we explored deepening collaboration across several important areas including financial market infrastructure development and mutual opportunities for growth in digitization and technological advancement.”
After the meeting, both central banks held a seminar with major banks from both regions, including Abu Dhabi Islamic Bank, HSBC, Bank of China, and others.
Besides discussing capital market opportunities and financial market infrastructure, the seminar addressed “arrangements to facilitate better cross-border trade settlement.”
Central banks have frequently credited cryptocurrencies for providing a faster and more cost-effective means of global money transfer.
Russia, for example – whose President signed a law banning
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