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Jun 1 2023 04:58 UTC
| Updated:
June 1, 2023 at 04:58 UTC
The two central banks stated that they have “many complementary strengths” and are working to align their financial services sector.
The central banks of Hong Kong and the United Arab Emirates (UAE) want to work together on developing financial technology and legislation for cryptocurrencies.
The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) met on May 30, according to the HKMA, and the two decided to “strengthen cooperation” on “virtual asset regulation and development.”
The two central banks also pledged to assist the regional innovation center in discussions on “joint fintech development initiatives and knowledge sharing efforts”.
The main topics discussed included financial market connectivity and financial infrastructure between the two jurisdictions.
The Governor of CBUAE, HE Khaled Mohamed Balama, expressed his hope that the partnership with HKMA could continue and last.
The two jurisdictions will benefit economically from the cooperation, according to HKMA’s Chief Executive Eddie Yue, as they have “many complementary strengths and common interests.”
Following the meeting, senior executives from banks in Hong Kong and the UAE attended seminars organized by the two central banks.
It addresses a wide range of topics, such as how to improve cross-border trade settlement and how UAE companies can use Hong Kong’s financial infrastructure platforms to access Asian and Chinese markets.
Starting June 1, the Hong Kong Securities and Futures Commission (SFC) will allow virtual asset service providers (VASPs) to serve retail investors in Hong Kong. This coincides with partnerships.
HKMA Chief Treasurer: “Crypto is here to stay.”
Meanwhile, on May 30, Christopher Hui, Hong Kong’s chief treasury, told AFP that the city’s new legal framework allows individual investors to trade cryptocurrencies because “virtual assets are here to stay.”
According to Hui, using bitcoin has more advantages than disadvantages.
He stated that, “despite the potential risks involved, (virtual assets) also have fundamental value,” highlighting the importance of regulation:
Therefore, this activity must be allowed in a controlled manner to take advantage of these positive traits.
Since SFC launched the application procedure, a number of cryptocurrency exchanges, including CoinEx, Huobi, and OKX, have submitted applications to offer Hong Kong-specific cryptocurrency trading services.
