The central banks of Hong Kong and the United Arab Emirates (UAE) agreed to enhance cooperation in three key areas, including virtual asset regulations and developments, following a bilateral meeting in Abu Dhabi yesterday.
According to the official announcement by the Hong Kong Monetary Authority (HKMA), the Hong Kong Monetary Authority (HKMA) and the United Arab Emirates Central Bank (CBUAE) discussed a number of cooperation initiatives and decided to form a joint working group to move the agreed initiatives forward.
The three areas of cooperation were identified as financial infrastructure, financial market connectivity between the two countries, and virtual asset regulations and developments. The two central banks also facilitated discussions between their innovation centers on joint fintech development initiatives and knowledge sharing efforts.
As Bitcoinsistemi.com reported, Hong Kong will allow individual crypto trading on June 1st.
After the bilateral meeting, a seminar attended by senior executives from UAE and Hong Kong banks, discussed possible arrangements for better cross-border trade, how UAE companies can better use Hong Kong financial infrastructure platforms to access Asian and Mainland Chinese markets and Guangdong-Hong Kong. – Finance and investment solutions and capital market opportunities in the Macao Greater Bay Area were discussed.
HE Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates, said:
“We look forward to a long-term relationship with KMA and the broader Hong Kong financial services industry and will continue to collaborate and exchange information on these areas of common interest.”
Eddie Yue, Managing Director of HKMA, said:
“Hong Kong and the UAE are two financial centers that share many complementary strengths and mutual interests, and there is a lot of room for market participants from these two places to work together and improve connectivity.”
*Not investment advice.