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Tuesday, July 23, 2024

Crypto Industry Expert Says Hong Kong, UAE Regulatory Collaboration Will Be Game-Changing


The Hong Kong Monetary Authority (HKMA) and the Central Bank of the United Arab Emirates (CBUAE) have agreed to collaborate on cryptocurrency regulation and fintech development, a move welcomed by experts who say it is a positive development Global cryptocurrency industry.

and turn gasolineindustry stalwarts said that the move shows that regulators are beginning to recognize the potential benefits of cryptocurrencies and are willing to work with industry players to develop a regulatory framework to promote innovation and growth in this emerging market.

Seeing two of the world’s top financial centers dedicate time and effort to maturing the crypto market and making it safer is a clear signal to all those who are still unsure of a bright, important and great future for the crypto market,” Muhammad Alkaf Al HashmiCo-founder islamic coins

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He added that this is an important step in boosting cryptocurrency adoption and securing first-mover advantages for both countries.

Ilman ShazayevDubai Tech Entrepreneur, Founder and CEO posteritysaid the cryptocurrency regulatory landscape soared to a whole new level when the central banks of Hong Kong and the United Arab Emirates agreed to join forces to oversee the digital currency ecosystem.

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“While both countries are well-known crypto hubs in their own right, a synergy of regulatory strategies could further help foster the growth of the nascent industry to attract investors into both spaces,” Shazhaev said.

He further said the move showed global regulators were paying attention to events in the industry and committed to positioning themselves to help drive institutional embrace.

Also read: US CFTC Seeks Public Comments on Digital Asset Risk Management: “The Commission Needs to Revisit Our Regulatory Oversight”

Shazhaev said that while two countries, Hong Kong and the UAE, spearheaded the initiative, we can expect more countries to join the ranks in the medium to long term.

Cooperation details:

  • The Hong Kong Monetary Authority and the CBUAE will work together to develop a common framework for regulating cryptocurrencies.
  • The two central banks will also share information and best practices on financial technology.
  • Collaboration is expected to help foster global innovation and growth cryptocurrency industry.

Greg WeismanCo-Founder and COO of Global Payments Infrastructure Platform Mercury, Says the agreement between the two countries sets a good precedent for the industry, as it demonstrates that “the ideal of encryption is universal and laws can be harmonized across the board.”

DidarbekboffFounder and CEO of Bitcoin Group Mining Company fourteensaid: “Cooperation to provide regulations for the industry is considered a unique case, as both Hong Kong and the UAE are progressing in terms of crypto regulations.”

Read next steps: Binance’s Australian restructuring: Are Aussie bank transfers gone for good?

© 2023 Benzinga.com. Benzinga does not provide investment advice. all rights reserved.


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