🚨 Get Your Free NFT Certificate Mint by Completing the Web3 Exam! START NOW
My Learnlist: Coming Soon!
My Learnlist: Coming Soon!

Learn by real-life examples: Select, Track & Understand any cryptos with the unique Learnlist feature!

Notify Me!
Portfolio: Coming Soon!
Portfolio: Coming Soon!

Set your wallet & get powerful insights backed by data. Easily learn how to use it for your highest rewards!

Notify Me!

Central Banks of Hong Kong and UAE Join Forces for Cryptocurrency Regulations

Central Banks of Hong Kong and UAE Join Forces for Cryptocurrency Regulations

The collaborative effort signals a shared commitment to promoting fintech innovation and fostering robust crypto regulations in both countries.

The central banks of Hong Kong and the United Arab Emirates (UAE) have announced plans to join forces on the development of financial technology and cryptocurrency regulations.

On May 30, the Hong Kong Monetary Authority (HKMA) held discussions with its counterparts from the Central Bank of the United Arab Emirates (CBUAE).

What is DeFi in Crypto? (Explained with Animations)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is DeFi in Crypto? (Explained with Animations)

What is DeFi in Crypto? (Explained with Animations) What is DeFi in Crypto? (Explained with Animations)

The two financial bodies agreed to "strengthen the cooperation" on "virtual asset regulations and developments," signifying their shared vision of fostering a regulated and innovation-friendly environment for cryptocurrencies.

The HKMA and CBUAE also committed to holding conversations around "joint fintech development initiatives and knowledge-sharing efforts" within their respective innovation hubs. The strengthening of financial infrastructure and market connectivity between the two jurisdictions was also a key topic during these discussions.

H.E. Khaled Mohamed Balama, CBUAE governor, expressed optimism about the long-term partnership with the HKMA. Echoing this sentiment, HKMA chief executive Eddie Yue underscored that this collaboration would economically benefit both jurisdictions, leveraging their "many complementary strengths and mutual interests."

This collaboration comes at a time when Hong Kong’s Securities and Futures Commission (SFC) is set to allow virtual asset service providers (VASPs) to cater to retail investors in Hong Kong starting from June 1st. 

On May 30th, Christopher Hui, Hong Kong’s treasury chief, shared with the AFP that the city is embracing cryptocurrencies under its new regulatory regime because “virtual assets are going to stay.”

He emphasized the importance of harnessing the benefits of cryptocurrencies in a regulated manner, stating:

Despite the potential risks involved, (virtual assets) also carries with it fundamental value.

Several cryptocurrency exchanges, including CoinEx, Huobi, and OKX, have reportedly filed applications for dedicated Hong Kong crypto trading services since the SFC initiated the application process.

The collaboration between the central banks of Hong Kong and the UAE signifies a step forward in the global approach to cryptocurrency regulations and fintech development. The partnership could serve as a blueprint for other jurisdictions seeking to navigate the complexities of the burgeoning fintech and crypto landscape.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



Earn Huge Exclusive Binance Learners Rewards