On 6 May 2025, with the aim to enhance global regulatory alignment and promote Hong Kong in virtual asset oversight, senior executives from the Hong Kong Securities and Futures Commission (HK SFC) concluded a visit to Abu Dhabi and Dubai last week. The delegation was led by Dr. Eric Yip, Executive Director of Intermediaries, and Ms. Elizabeth Wong, Director of Intermediaries & Head of the Fintech Unit.
During the visit, the HK SFC delegation held bilateral discussions with regulatory counterparts of UAE, including 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. These meetings focused on evolving approaches to virtual asset regulation, licensing, and supervisory practices in line with the SFC’s ASPIRe roadmap, released on 19 February 2025.
Dr. Yip discussed the HK SFC’s approach has been rooted in “fit-for-purpose policymaking” which is designed to ensure both innovation and investor protection. He stated: “By fostering global partnerships and implementing comprehensive oversight measures, the SFC aims to position Hong Kong as a leading hub for financial innovation.” Engagements with the International Web3 and virtual asset industry further revealed a shared interest in consistent and balanced regulatory frameworks. Industry stakeholders in the UAE emphasised the importance of regulatory clarity to enable sustainable growth and address potential systemic risks in the sector.
The HK SFC’s visit is a diplomatic and regulatory outreach mission, intended to build cross-border alignment on virtual asset oversight. It directly supports the ASPIRe roadmap, which sets out Hong Kong’s multi-pillar strategy to Advance regulatory clarity on digital asset activities, Support sustainable innovation, Promote investor protection, Reinforce international regulatory cooperation. These engagements help the HK SFC observe and adapt leading practices from other major jurisdictions, like the UAE, which is fast emerging as a digital asset hub under regulatory clarity-led growth.
(Source: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR59)
