The SFC's senior executives visited Abu Dhabi and Dubai to discuss virtual asset regulations with regional counterparts and industry leaders, aligning with the SFC's goal of promoting a well-regulated market and fostering international cooperation.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On May 06, 2025, 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, traveled to Abu Dhabi and Dubai in the United Arab Emirates to exchange insights with regulatory counterparts and the Web 3 industry regarding virtual assets.
During their trip, Dr. Yip engaged in discussions with senior executives from several regulatory bodies, including the Securities and Commodities Authority, 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 talks centered on regulatory approaches to virtual assets and experiences in overseeing firms in the sector, in alignment with the SFC’s aim to promote fit-for-purpose policymaking as outlined in the ASPIRe roadmap issued on February 19, 2025.
Meetings with Web 3 industry stakeholders highlighted the need for clear and consistent regulatory guidance to support industry growth while managing systemic risks. These discussions underscored the importance of balanced regulation that encourages innovation while protecting the financial system.
The SFC’s commitment to virtual asset regulation aligns with their broader strategy to enhance overseas networks. By engaging with regional counterparts, the SFC seeks to strengthen connectivity with Middle Eastern markets and explore collaborative cross-border opportunities.
Dr. Yip emphasized that the SFC is at the forefront of virtual asset regulation by promoting international cooperation and implementing robust standards to ensure a well-regulated and secure market. By fostering global partnerships and comprehensive oversight, the SFC aims to position Hong Kong as a leading hub for financial innovation.
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