HK SFC's senior executives visit Abu Dhabi and Dubai to promote collaboration on virtual assets
The Securities and Futures Commission's (SFC) Executive Director of Intermediaries, Dr Eric Yip, and Director of Intermediaries & Head of Fintech unit, Ms Elizabeth Wong, met with regulatory counterparts and the Web 3 industry in Abu Dhabi and Dubai of the United Arab Emirates last week to exchange virtual assets-related insights and experiences.
Dr Yip held in-depth discussions with senior executives of the Securities and Commodities Authority of the United Arab Emirates, the Financial Services Regulatory Authority of the Abu Dhabi Global Market, the Dubai Financial Services Authority, and the Virtual Assets Regulatory Authority of Dubai. The discussions centred on evolving approaches to regulation of virtual assets and experience in supervising firms operating in the sector, in line with the SFC's objective of promoting fit-for-purpose policymaking under the ASPIRe roadmap (Note 1).
In meetings with the Web3 industry, leading stakeholders stressed the need for regulatory clarity and consistency to support the industry's development, highlighting the importance of balanced regulation that supports growth and mitigates systemic vulnerabilities.
The endeavours of the SFC align with the SFC's broader policy to deepen its overseas networks. By engaging with regional counterparts, the SFC seeks to strengthen connectivity with the Middle Eastern markets and explore collaborative cross-border opportunities.
“The SFC continues to spearhead efforts in virtual asset regulation by fostering international cooperation and implementing robust standards to ensure a well-regulated and secure market.” said Dr Yip. “By fostering global partnerships and implementing comprehensive oversight measures, the SFC aims to position Hong Kong as a leading hub for financial innovation.”
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Note:
1.Please see the “ASPIRe” roadmap issued on 19 February 2025 for details.
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