Hong Kong and United Arab Emirates (UAE) central banks plan to act jointly on crypto regulations and financial technology.
The Hong Kong Monetary Authority (HKMA) met with the Central Bank of the United Arab Emirates (CBUAE) to discuss crypto and fintech. As a result of these talks, the two central banks agreed to act together on virtual asset regulation and development.
Crypto Step from Hong Kong and UAE
Last day, officials of the central banks of Hong Kong and the United Arab Emirates (UAE) met. During the discussions, it was decided to strengthen the unity in crypto regulations.
The two central banks also addressed the issue of fintech and financial technology, as well as crypto and virtual asset regulation. Khaled Mohamed Balama, Chairman of the Central Bank of the United Arab Emirates (CBUAE), stated that the relations with the Hong Kong Monetary Authority (HKMA) will be long-term.
HKMA director Eddie Yue said that this partnership will bring economic benefits to both regions. After the talks, the central banks held a seminar for banks in Hong Kong and the UAE. In the seminar, cross-border transactions, financial cooperation between the two countries and ease of trade were discussed.
In addition, Hong Kong’s treasury manager Christopher Hui said in a different interview that cryptocurrencies will be permanent.
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