News Explorer — Central Banks of Hong Kong and the United Arab Emirates to Cooperate on Blockchain and Virtual Assets

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May 30, 5:55 pm

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Central Banks of Hong Kong and the United Arab Emirates to Cooperate on Blockchain and Virtual Assets

The central banks of Hong Kong and the United Arab Emirates have agreed to collaborate on financial infrastructure, cross-border trade settlements, and virtual asset regulation. Hex Trust, a crypto custodian based in Hong Kong, was one of the first to receive a license from the UAE's Securities and Commodities Authority. Finoverse, a fintech and Web3 platform, expects the two regions to cooperate more closely on blockchain technology. This could lead to the use of central bank digital currencies, which could speed up transfers and reduce costs.

The central banks of Hong Kong and the United Arab Emirates have agreed to collaborate on financial infrastructure, cross-border trade settlements, and virtual asset regulation. Hex Trust, a crypto custodian based in Hong Kong, was one of the first to receive a license from the UAE's Securities and Commodities Authority. Finoverse, a fintech and Web3 platform, expects the two regions to cooperate more closely on blockchain technology. This could lead to the use of central bank digital currencies, which could speed up transfers and reduce costs.

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