Hong Kong and UAE Will Work Together in Crypto Regulations

The Hong Kong Monetary Authority (HKMA) last week partnered with the Central Bank of the United Arab Emirates (UAE) in efforts to exchange knowledge and ensure transparency and security of digital currency transactions.

The head of the Central Bank of the UAE, Khaled Mohamed Balama, is looking forward to long-term cooperation with the Hong Kong financial authorities, and the HKMA is also ready for such a partnership when it comes to cryptocurrency regulation.

As HKMA CEO Eddie Yue remarked, this exchange of information and joint activities will be beneficial for both Hong Kong and the UAE.

Starting from June 2023, the Securities and Futures Commission (SFC) in Hong Kong will operate a licensing regime for crypto companies, enabling those exchanges that are included in a designated register to serve retail investors.

With this, the largest cryptocurrency exchanges are now able to start operating in the Asian metropolis, creating conditions for the development of blockchain technology.