Two of the world's leading crypto hubs join forces!
In a recent assembly in Abu Dhabi, the central banks of Hong Kong and the United Arab Emirates (UAE) unveiled plans to amplify their collaborative efforts, specifically in the domain of cryptocurrency regulations. The joint endeavor will take shape in the form of a collaborative working group.
This high-level meeting was succeeded by a seminar organized by senior executives from banks based in the UAE and Hong Kong. The primary objective of the seminar was to explore potential opportunities that can arise between the two jurisdictions. The conversations revolved around streamlining cross-border trade and how UAE companies can tap into Hong Kong's robust financial infrastructure to gain access to Asian and mainland Chinese markets.
Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority (HKMA), highlighted the similarities and complementary strengths of the two financial hubs. He added that there is significant scope for market participants from both regions to collaborate and bolster their interconnectivity.
Numerous prominent banks, including First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, Bank of China, Citi, HSBC, and Standard Chartered, were represented at the meeting.
Hong Kong's recent decision to lift its ban on retail crypto trading has created ripples in the crypto community, inviting interest from leading players such as Huobi, Gate Group, OKX, and BitMEX. Similarly, the UAE has announced its openness to companies keen on providing crypto-related services, barring those already functioning within financial free zones.
Dubai, one of the emirates of the UAE, boasts over 500 crypto startups as of January. To streamline crypto trades and safeguard investors, the city inaugurated the Virtual Assets Regulatory Authority (VARA) in March 2022. Notably, companies like Komainu, OKX, and Binance have signaled their intent to enter the UAE market. In the same vein, the central bank of the emirates recently published guidelines aimed at curbing money laundering in its local crypto sector.
Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority (HKMA), highlighted the similarities and complementary strengths of the two financial hubs. He added that there is significant scope for market participants from both regions to collaborate and bolster their interconnectivity.
Numerous prominent banks, including First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, Bank of China, Citi, HSBC, and Standard Chartered, were represented at the meeting.
Hong Kong's recent decision to lift its ban on retail crypto trading has created ripples in the crypto community, inviting interest from leading players such as Huobi, Gate Group, OKX, and BitMEX. Similarly, the UAE has announced its openness to companies keen on providing crypto-related services, barring those already functioning within financial free zones.
Dubai, one of the emirates of the UAE, boasts over 500 crypto startups as of January. To streamline crypto trades and safeguard investors, the city inaugurated the Virtual Assets Regulatory Authority (VARA) in March 2022. Notably, companies like Komainu, OKX, and Binance have signaled their intent to enter the UAE market. In the same vein, the central bank of the emirates recently published guidelines aimed at curbing money laundering in its local crypto sector.
