Dubai International Financial Centre: Close communication with Hong Kong on cross-border regulation of virtual assets, potential cooperation in payme

Officials from the Dubai International Financial Centre (DIFC) stated that the development of the financial technology ecosystem in both regions is progressing rapidly and they hope to strengthen and promote cooperation. Jacques Visser, the chief legal advisor, stated that virtual asset regulation is currently more focused on cross-border regulation and will closely communicate with other regions, including Hong Kong. This includes all tokenized assets and assets with transaction value under Web3. Many tasks are currently underway, including cross-border regulatory cooperation and coordination. Jacques Visser believes that there is great potential for cooperation with Hong Kong, particularly in the area of payment services. He stated that payment services are key to the future of finance and financial technology, and believes that there are many areas where both parties want to promote development and have similar interests in related products.