24/7 Cryptocurrency News

Breaking: Hong Kong & UAE Join Forces To Regulate Cryptocurrencies

Central banks of UAE & Hong Kong collaborate on financial infrastructure and digital assets legislation for enhanced regulatory frameworks.
Published by
Breaking: Hong Kong & UAE Join Forces To Regulate Cryptocurrencies

Crypto News: As the global crypto industry gains prominence, several countries have been proactively working towards regulating this new asset class. While the United States has taken a stricter stance, characterized by crackdowns, scrutiny and unclear regulatory guidelines, countries like Hong Kong, Japan, and UAE have taken steps to establish clear rules and compliance measures for crypto businesses. Now, the UAE and Hong Kong are seen to be joining forces to further enhance their regulatory frameworks and foster increased collaboration in the virtual asset sector.

Advertisement

UAE & Hong Kong Coact For Crypto Regulations

On May 30, the Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) held a bilateral meeting in Abu Dhabi which focused on various collaborative initiatives, with a particular emphasis on financial infrastructure, financial market connectivity and cryptocurrency regulations.

Read More: Japan’s BitFlyer Exchange Restricts Crypto Deposits & Transfers

During the bilateral meeting, the CBUAE and the HKMA engaged in discussions on key areas of cooperation. The central banks agreed to focus on major areas of finance and even initiated discussions on joint fintech development initiatives and knowledge-sharing efforts within their jurisdictions.

To operationalize the agreed-upon initiatives, a joint working group, led by the CBUAE and HKMA and with the support of relevant stakeholders from the banking sectors of both jurisdictions, will be formed. This collaborative effort aims to facilitate the effective implementation of regulatory measures for businesses including, crypto exchanges, crypto mining facilities and DeFi lending platforms.

Advertisement

Fintech Development And Knowledge Sharing

Following the bilateral meeting, the CBUAE and the HKMA, accompanied by senior executives from banks in the UAE and Hong Kong, conducted a seminar to explore key opportunities for collaboration.

The seminar centered around discussions on facilitating better cross-border trade settlement, enabling UAE corporates to leverage Hong Kong’s financial infrastructure platforms for enhanced access to Asian and Mainland markets, and exploring financial and investment solutions, as well as crypto market opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area.

While expressing satisfaction with the meeting, H.E. Khaled Mohamed Balama, Governor of the CBUAE, was quoted as saying:

We are pleased to have welcomed the Hong Kong Monetary Authority and its delegation to the UAE as we look to build on our central banks’ existing and robust relations.

Echoing similar sentiments, Mr. Eddie Yue, Chief Executive of the HKMA, highlighted the significance of the collaborative events, stating, “These events enhanced the collaboration between the central banks of Hong Kong and the UAE in a number of important areas and provided a platform for financial institutions and corporates from Hong Kong and the UAE to step up exchange and collaboration.”

Also Read: NVIDIA Reaches $1 Trillion Market Cap Amid AI Boom

Advertisement

Share
Coingapestaff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Altcoin News

BNB Leads Crypto Market Rally With Fresh All-Time High, Expert Sees $5000 Upside

BNB, the native cryptocurrency of Binance, has seen a strong 8% upside, hitting a new…

October 3, 2025
  • 24/7 Cryptocurrency News

Billionaire Ray Dalio Calls Bitcoin “Alternative Money” as BTC Profit-Taking Tops $3.7B Amid $120K Rally

Billionaire hedge fund manager Ray Dalio has touted Bitcoin as “alternative money” as it continues…

October 3, 2025
  • 24/7 Cryptocurrency News

Canary Litecoin ETF Delayed Due to Government Shutdown, What’s Next?

The U.S. Securities and Exchange Commission (SEC) has missed its final deadline on the Canary…

October 3, 2025
  • 24/7 Cryptocurrency News

VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%

VanEck has formally registered its VanEck Lido Staked Ethereum ETF in Delaware. If approved, this…

October 3, 2025
  • 24/7 Cryptocurrency News

Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks

Federal Reserve Bank of Dallas President Lorie Logan is the latest Fed official to share…

October 3, 2025
  • 24/7 Cryptocurrency News

Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury

Australia’s Fitell Corporation has purchased 216.8 million PUMP tokens for $1.5 million. The Nasdaq-listed company…

October 3, 2025