Benzinga - 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 hailed by experts, who say that this is a positive development for the world. cryptocurrency industry.
Talk with Benzingaindustry stalwarts say the move is a sign that regulators are beginning to recognize the potential benefits of cryptocurrencies and are willing to work with industry players to develop a regulatory framework that will foster innovation and growth. growth in this emerging market.
"Seeing two of the biggest financial centers in the world investing their time and effort in maturing the crypto market and making it more secure is a clear sign for anyone who is still uncertain about the bright, important and formidable future of the crypto market. crypto market,” said Mohammed Al-Kaff Al-Hashmico-founder of islamic coin
He added that this is an important step in promoting crypto adoption and securing first-mover advantage for both countries.
Ilman Shazhaeva Dubai-based techpreneur and founder and CEO of Farcanesaid the crypto regulatory landscape took on a whole new dimension when the central banks of Hong Kong and the United Arab Emirates agreed to join forces to regulate the digital currency ecosystem.
“Although both countries are well-known crypto hubs in their own right, the synergy of regulatory strategies can still help bolster nascent industry development to attract investors in both areas,” Shazhaev said.
He further stated that this decision indicates that global regulators are monitoring industry events and are committed to positioning themselves to help drive institutional adoption.
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While the duo of Hong Kong and the United Arab Emirates are at the forefront of this initiative, we can expect more countries to join the bandwagon in the medium to long term, according to Shazhaev.
- HKMA and CBUAE will work together to develop a common cryptocurrency regulatory framework.
- The two central banks will also share information and best practices on fintech.
- The collaboration is expected to help promote innovation and growth in the global cryptocurrency industry.
Greg Waismanco-founder and COO of the global payments infrastructure platform Mercureo, said the agreement between the two countries sets a good precedent for the industry as it shows that “the ideals of crypto are universal and laws can be uniform across all areas.”
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Didar BekbauovFounder and CEO of Bitcoin Group Mining Company XIVsaid, “The partnership to provide regulations for the industry is seen as a unique case as Hong Kong and the UAE are progressive when it comes to crypto regulations.”
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