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UAE and Hong Kong central banks to collaborate on crypto regulation

by CoinVeem

The Central Bank of the United Arab Emirates and the Hong Okong Monetary Authority (HKMA) agreed to strengthen cooperation in regulating virtual asunits during a bilateral meeting in Abu Dhabi on Monday.

See related article: Hong Kong Web3 industry forms new associations to push crypto hub ambition

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  • The 2 central banks are planning to kind a joint working group to push ahead developments in crypto regulation. In keeping with a report by the HKMA launched Tuesday, the working group will concentrate on strengthening bilateral ties in areas together with monetary infrastructure and market connectivity.
  • “Hong Kong and the UAE are two monetary facilities sharing many complementary strengths and mutual pursuits, and there’s a lot room for market individuals from these two locations to work collectively and construct up the connectivity,” mentioned HKMA chief govt Eddie Yue.
  • The United Arab Emirates is taking an more and more proactive method in direction of regulating crypto. In April, its regulators started accepting purposes from cryptocurrency companies for working licenses within the area.
  • In the meantime, Hong Kong will roll out a brand new algorithm for its cryptocurrency sector on June 1. This regulatory framework will set up clear licensing requirements for digital belongings within the area.
  • “Hong Kong will greater than probably grow to be not simply Asia’s crypto hub, however the de-facto crypto hub globally,” Vincent Chok, chief govt officer of Hong Kong-based consultancy First Digital Belief, mentioned by way of electronic mail. “The U.S. is in a holding sample with its regulation paralysis, and Dubai has ambitions to grow to be a crypto hub, however when it comes to innovation, Hong Kong nonetheless leads.”

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