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The Central Bank of the United Arab Emirates (UAE) and the Hong Kong Monetary Authority (HKMA) are enhancing their collaboration in the world of finance, according to an <a href="https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/05/20230530-5/" rel="noopener noreferrer nofollow">official release</a> from the HKMA. Both institutions have agreed to strengthen their ties in three key areas, including the regulations and developments pertaining to virtual assets​​.Per the announcement, the move has been formed as part of a broader plan to bolster cooperation across multiple areas. The regulators have been focusing on enhancing financial infrastructure, improving financial market connectivity, and tightening virtual asset regulations, thereby fortifying the financial ties between the two jurisdictions​.Hong Kong has been proactive in its approach to regulating cryptocurrencies. The city’s Securities and Futures Commission (SFC) is set to <a href="https://cryptotale.org/hong-kongs-upcoming-crypto-regulation-regime-may-trigger-a-bull-run/" rel="noopener noreferrer nofollow">enforce a licensing regime</a> from June 1, which includes measures to safeguard retail investors. The new regulations require all trading platforms and exchanges to apply for a license, with non-compliance resulting in penalties and possible imprisonment. Furthermore, the SFC has established retail investor exposure limits and permits retail trading only in highly liquid tokens issued for at least one year​​.Read full article at<a href="https://cryptotale.org/uae-central-bank-joins-forces-with-hong-kong-over-crypto-regulations/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

UAE Central Bank Joins Forces with Hong Kong Over Crypto Regulations

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