Hong Kong Monetary Authority and UAE Central Bank to Strengthen Cooperation in Virtual Asset Area

According to the official press release, the Hong Kong Monetary Authority (HKMA) and the Central Bank of the United Arab Emirates (CBUAE) held a bilateral meeting in Abu Dhabi on May 29th, where they discussed a number of collaborative initiatives and agreed to strengthen cooperation in three major areas including financial infrastructure, financial market connectivity between the two jurisdictions and virtual asset regulations and developments.

A joint working group led by the CBUAE and HKMA, with support from the relevant stakeholders of the two jurisdictions’ banking sectors, will be formed to take forward the agreed initiatives.

Eddie Yue, Chief Executive of the HKMA, said, "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. Hong Kong and the UAE are two financial centres sharing many complementary strengths and mutual interests, and there is much room for market participants from these two places to work together and build up the connectivity."

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