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UAE and Hong Kong Collaborate on Rulemaking for Crypto Industry

In a significant development for the cryptocurrency industry, the Monetary Authority of Hong Kong (HKMA) and the UAE Central Bank (CBUAE) have joined hands to foster cooperation and establish regulatory frameworks. The two entities met on May 30, 2023; the meeting signified the announcement of their intent to collaborate on matters related to digital asset regulations, knowledge sharing and fintech initiatives.

Recognizing the importance of market connectivity and financial infrastructure, both central banks expressed their commitment to strengthening ties between their jurisdictions. H.E. Khaled Mohamed Balama, the governor of CBUAE, emphasized the potential for a long-term relationship with the HKMA, highlighting the mutual benefits that could be derived from this partnership. Echoing that sentiment, HKMA CEO Eddie Yue emphasized the economic advantages that both regions could enjoy through their synergistic cooperation.

After the meeting, a seminar was held for bank executives from both nations. During the seminar, various topics were discussed, including more effective trade-settlement methods and how businesses in the UAE could leverage Hong Kong’s robust financial and institutional infrastructure to gain access to the Asian and Chinese markets.

Coinciding with this move, Hong Kong’s agency in charge of securities, the SFC, has granted permission for digital asset service providers to cater to retail investors in Hong Kong from June 1, 2023.

Hong Kong’s Treasury Chief Christopher Hui stated in an interview with Agence France-Presse that this decision was based on the belief that digital assets are an enduring phenomenon. He emphasized the significance of controlling virtual assets to maximize their benefits and minimize their risks.

Following the launch of the application procedure by the SFC, prominent crypto exchanges such as OKX, Huobi, and CoinEx submitted applications to offer specific cryptocurrency services in the country.

In February, the Dubai government’s Virtual Asset Regulatory Authority (VARA) unveiled comprehensive cryptocurrency regulation guidelines for 2023. These regulations were designed to promote the growth of cryptocurrency companies, protect traders and investors in digital assets, and combat illicit activities within the industry.

The collaboration between Hong Kong and the UAE reflects the shared interest both entities have in leveraging each other’s markets to boost the cryptocurrency industry. Both regions are recognized as major crypto hubs in Asia, and this collaboration is poised to further strengthen their positions. By combining their expertise and resources, these two influential regions aim to create an environment that encourages responsible growth and development in the rapidly evolving world of cryptocurrencies.

These efforts to collaboratively come up with regulations for the crypto sector are likely to be welcomed by industry players such as Bit Mining Ltd. (NYSE: BTCM) since stability in the regulatory structure boosts industry growth and innovation.

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