Dubai Official Reveals Discussions With Hong Kong on Digital Asset Cooperation

Hadi Badri, Govt Director of Dubai Financial system and Tourism, revealed in an unique interview just lately that China has change into the biggest buying and selling accomplice of the UAE, and Hong Kong can also be an vital buying and selling accomplice. Badri believes that the shut relationship between the 2 sides makes the UAE a gateway for China to enter the Center East market.

Badri identified that the 2 sides can cooperate in areas similar to commerce, funding, digital transformation, and monetary providers.

As well as, he revealed that Dubai is at present discussing cooperation with Hong Kong within the discipline of digital belongings, together with a passport licensing scheme. He believes that Hong Kong’s optimistic perspective in the direction of digital asset regulation is constructive, however didn’t disclose the timetable for the progress of cooperation.

With China’s rising financial affect within the Center East, Dubai is seeking to deepen its relationship with the world’s second-largest economic system.

Lately, Dubai has vigorously developed into a world monetary and industrial heart, and its distinctive geographical location makes it a perfect vacation spot for Chinese language corporations to enter the Center East.

As well as, Hong Kong’s well-established monetary system and regulatory framework make it a world monetary heart and a gateway for worldwide traders to enter the huge Chinese language market.

The cooperation between Dubai and Hong Kong within the discipline of digital belongings will undoubtedly carry new enterprise alternatives and promote the event of the worldwide digital economic system.

The passport licensing scheme referred to by Badri is a key initiative proposed by the Monetary Motion Process Drive (FATF) to control digital asset service suppliers.

It goals to supply a unified commonplace for international digital asset supervision, facilitate the cross-border switch of digital belongings, and promote the wholesome and sustainable growth of the digital asset business.