UAE And Hong Kong Announcing Stronger Ties In Virtual Asset Regulations

Key Points:

• The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority have agreed to strengthen cooperation in virtual asset regulations and developments.
• Banks in the UAE and Hong Kong participated in a seminar on pursuing key opportunities between the two jurisdictions, including better cross-border trade settlement and investment solutions.

The UAE and Hong Kong central banks strengthen collaboration in virtual asset regulations, cross-border trade, and financial innovation through seminars and joint initiatives.

The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) recently held a bilateral meeting in Abu Dhabi to enhance collaboration between the financial services sectors of the two jurisdictions. They agreed to strengthen cooperation in three major areas, including financial infrastructure, financial market connectivity between the two jurisdictions, and virtual asset regulations and developments. The progress of cryptocurrency regulation in Dubai and Hong Kong is currently attracting attention.

During the meeting, the CBUAE and the HKMA discussed many collaborative initiatives and agreed to form a joint working group to take forward the agreed initiatives. Banks operating in the UAE and Hong Kong participated in a seminar on key opportunities to pursue between Hong Kong and the UAE.

The seminar covered discussions on possible arrangements to facilitate better cross-border trade settlement and how UAE corporates can better utilize the Hong Kong financial infrastructure platforms to access Asia and the Mainland markets. It also included discussions on financial and investment solutions and capital markets opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area).

H.E. Khaled Mohamed Balama, Governor of the CBUAE, said that the meeting explored deepening collaboration across several important areas, including financial market infrastructure development and mutual opportunities for growth in digitization and technological advancement. He added that they look forward to a longstanding engagement with the HKMA and the Hong Kong financial services sector more broadly, and they will continue collaborating with and exchanging knowledge in these mutual areas of interest.

Mr. Eddie Yue, Chief Executive of the HKMA, said that these events enhanced the collaboration between the central banks of Hong Kong and the UAE in several important areas and provided a platform for financial institutions and corporates from Hong Kong and the UAE to step up exchange and collaboration. He also added that they look forward to continued cooperation with the CBUAE and to more exchange between Hong Kong and the UAE financial sectors and would welcome the UAE stakeholders’ visit to Hong Kong in the near future.

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