HKMA and CBUAE Develop Crypto and Fintech Together. Hong Kong Monetary Authority (HKMA) officially cooperates with the Central Bank of the United Arab Emirates (CBUAE) in the development of regulations related to crypto and financial technology (fintech).
Governor of the central bank of the United Arab Emirates Khaled Mohamed Balama said the cooperation will last in the long term.
Meanwhile, chief executive of Hong Kong’s central bank Eddie Yue said the collaboration would be economically advantageous because the two have much in common and can complement each other to achieve common goals.
This collaboration comes as the Hong Kong Securities and Exchange Commission (SFC) allowed virtual asset service providers (VASPs) to serve retail investors in Hong Kong from June 1.
HKMA and CBUAE Develop Crypto. Hong Kong’s chief treasury Christopher Hui said it had allowed retail investors to trade cryptocurrencies under its new regulatory regime because “virtual assets are here to stay”.
Hui also acknowledged that the benefits of using cryptocurrency outweigh the risks. Separately, several cryptocurrency exchanges have also submitted applications for dedicated crypto trading services since SFC announced the application process.