The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority recently reached a major agreement at a bilateral meeting. Their common goal is to strengthen their cooperation in the fields of crypto assets, financial regulation and fintech development.
An alliance for the cryptocurrency revolution between the UAE Central Bank and the Hong Kong Monetary Authority.
At a meeting in Abu Dhabi on Monday May 29, the Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) have announced their willingness to strengthen their collaboration for the regulation and development of cryptocurrencies.
The two institutions have facilitated discussions between their respective innovation centers and set up a joint working group to make progress on agreed initiatives. This cooperation aims to stimulate the development of financial markets and seize mutual growth opportunities in digitization and technological advances.
The CBUAE and the HKMA focusing primarily on the regulation and development of cryptocurrencies, recognize the growing importance of the Bitcoin and other digital assets in the global financial landscape.
This enhanced collaboration will enable knowledge to be shared and appropriate regulations to be put in place to promote a secure and transparent environment for investors and businesses.
This strengthened collaboration will make it possible to share knowledge and put in place appropriate regulations to promote a secure and transparent environment for investors and companies.
We are pleased to have welcomed the Hong Kong Monetary Authority and its delegation to the United Arab Emirates as we seek to strengthen the strong relationship between our central banks.Statement by Mohamed Balama, Governor of the CBUAE
An agreement to facilitate cross-border trade
Cooperation between the monetary agencies of the United Arab Emirates and Hong Kong extends beyond cryptocurrencies. Indeed, they have also addressed issues relating to financial infrastructure and cross-border trade agreements.
In addition, the two central banks have initiated discussions to facilitate more efficient settlement of international transactions. This collaboration strengthens connectivity and cooperation between financial market participants in both regions.
The bilateral meeting between the monetary authorities of the United Arab Emirates and Hong Kong was followed by a seminar focusing on opportunities to be exploited between the two regions. The seminar brought together senior executives from banks operating in the United Arab Emirates and Hong Kong.
Among the banks in the United Arab Emirates included First Abu Dhabi Bank, l’Abu Dhabi Islamic Bank, Emirates NBD, l’Industrial and Commercial Bank of China the Bank of China, HSBC, Standard Chartered. On the side of Hong Kong monetary operators such as Bank of China, Citi, HSBC and Standard Chartered also took part in these exchanges.
The aim of the meeting was to explore how companies in the United Arab Emirates could make the most of the financial infrastructure platforms of Hong Kong to access the Asian market.
Collaboration between the CBUAE and the HKMA in the financial sector is far from new. Indeed, the two institutions have already joined forces within the framework of the mBridge CBDC project a blockchain designed to improve cross-border payment systems.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.