The central banks of Hong Kong and the United Arab Emirates (UAE) are looking to cooperate in forming cryptocurrency rules and regulations, as well as developing financial technology in a joint manner.

The Hong Kong Monetary Authority (HKMA) on May 30 stated that it has met with its counterparts at the Central Bank of the United Arab Emirates (CBUAE), highlighting that the two parties have agreed to bolster cooperation on “virtual asset regulations and developments,” as well as to facilitate discussions on “joint fintech development initiatives and knowledge-sharing efforts” with each nation’s innovation hubs.

CBUAE governor H.E. Khaled Mohamed Balama shared that he expects the relationship with HKMA will be prolonged, while HKMA chief executive Eddie Yue stated that the relationship between the two central banks will be advantageous for both jurisdictions economically, given that they share “many complementary strengths and mutual interests.”

After the meeting, the two central banks held a seminar for senior executives from banks in both the UAE and Hong Kong, which covered multiple topics including how cross-border trade settlement can be improved and how UAE corporations could transform the financial infrastructure platforms of Hong Kong.

Sources:

https://cointelegraph.com/news/hong-kong-uae-central-banks-collab-crypto-rules

https://decrypt.co/142834/hong-kong-uae-central-banks-coordinate-on-crypto-regulations

https://www.al-monitor.com/originals/2023/05/uae-cooperate-hong-kong-fintech-crypto-china-ties-grow

https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/05/20230530-5/