Central banks of Hong Kong and UAE form joint working group on crypto Centralbank blockchain HKMA
- Economic ties between Asia and the Middle East continue to deepen as the central banks of Hong Kong and the United Arab Emirates have agreed to collaborate on cryptocurrency regulations and financial technology development.
The meeting explored a variety of “collaborative initiatives,” and the central banks agreed to strengthen collaboration in the areas of financial infrastructure, financial market connectivity between the two jurisdictions, and virtual asset regulations and developments. They also “facilitated discussions between their respective innovation hubs on joint fintech development initiatives and knowledge sharing efforts.
After the meeting was over, the central banks and senior executives from the UAE and Hong Kong banks held a seminar that included discussions on possible arrangements to facilitate better cross-border trade settlement, and talks on how UAE corporates can better utilize the Hong Kong financial infrastructure platforms to access Asia and the Mainland markets.
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