China and the United Arab Emirates (UAE) have vowed to strengthen their cooperation in combatting cryptocurrency-related cybercrimes.
The latest commitment was made in an official joint statement issued on May 30th, following UAE President Mohammed bin Zayed Al Nahyan’s state visit to China.
The announcement comes as Hong Kong statistics shows an increase in cryptocurrency fraud activity between 2022 and 2023.
The joint declaration focused on specific areas of concern, such as telecommunications network fraud and online gaming. Both countries want to combat illicit activity that may leverage cryptocurrency, demonstrating a shared commitment to addressing these challenges.
In furtherance of focusing on cybercrime, China and the UAE emphasized their efforts
They combat to laundering of funds, trafficking in people, drug trafficking, and illegal immigration. This bigger endeavor targets illicit financial transfers that may involve digital assets.
Although the declaration did not define specific rules aimed at bitcoin, it did signal a collaborative strategy by both governments to prevent the possible abuse of crypto technologies.
Aside from security issues, the statement stressed the necessity of strengthening bilateral commercial and investment partnerships. The Joint Economic and Trade Committee was established by both governments to promote trade, facilitate investment, and boost tourism.
The joint declaration highlighted the role of digital currencies issued by central banks (CBDC) in facilitating international trade and investment. China and the UAE signed a Memorandum of Understanding on Strengthening Central Bank Digital Currency collaboration, expressing their commitment to deepening bilateral and international collaboration.
China applauded the UAE for pioneering the first direct cross-border CBDC transaction, the “Digital Dirham,” worth 50 million dirhams, via the “Multilateral Central Bank Digital Currency Bridge (mBridge)” platform.
The landmark agreement has created new chances for commerce and investment between the two countries.