The central banks of Hong Kong and the United Arab Emirates have announced plans to strengthen their financial cooperation—and work together on regulating virtual assets.

A bilateral meeting was held in Abu Dhabi, with financial infrastructure and cross-border trade settlements also on the agenda.

Last month, the UAE’s Securities and Commodities Authority began allowing crypto firms to apply for operating licenses—and Hex Trust, a crypto custodian based in Hong Kong, was one of the first to receive one.

The fintech and Web3 platform Finoverse, which is headquartered in Hong Kong but recently opened an office in Dubai, recently told The National that it expects both regions to cooperate more closely on blockchain technology.

Their focus on cross-border trade settlements could open up the possibility of central bank digital currencies being used—speeding up transfers and reducing costs, as well as a reliance on the U.S. dollar.

Back in March, the Central Bank of the UAE announced that it was planning to ramp up its ambitions for a CBDC—with the first phase of a strategy to launch a digital dirham set to be completed by this time next year.

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Author: Connor Sephton

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