China, UAE Vow to Crack Down on Crypto-Enabled Crime in Joint Statement

• China and UAE pledged to fortify the battle against crypto-related cybercrime.
• In a joint statement, they highlighted telecom fraud and online gambling as areas of mutual concern.
• In addition to security concerns, the statement stressed supporting bilateral trade and investment partnerships.

China and the United Arab Emirates (UAE) have united their forces, pledging to fortify their cooperation in the relentless battle against cybercrime linked to cryptocurrency. This came via an official joint statement released following UAE President Mohammed bin Zayed Al Nahyan’s state visit to China. His Highness Sheikh Mohammed bin Zayed Al Nahyan’s state visit to China.

Specifically, the joint statement highlights ‘telecommunications network fraud and online gambling’ as areas of mutual concern. This shared focus suggests a promising future where both nations are determined to curb illegal activities that might exploit cryptocurrencies.

Similarly, the two countries highlighted their commitment to fighting money laundering, human trafficking, drug trafficking, and illegal immigration, potentially signaling a broader effort to address illicit financial flows that could involve digital assets.

While the statement does not mention specific regulations targeting cryptocurrency, it suggests a coordinated approach by China and the UAE to address potential misuse of crypto technologies. 

In addition to security concerns, the statement stressed the importance of supporting bilateral trade and investment partnerships. The two nations pledged to promote trade, facilitate investment, and develop tourism through the Joint Economic and Trade Committee.

A key aspect of the joint statement was the recognition of central bank digital currency (CBDC) in enhancing cross-border trade and investment. Both countries expressed their commitment to deepening bilateral and multilateral cooperation under the Memorandum of Understanding on Strengthening Central Bank Digital Currency Cooperation, signed by their central banks.

China praised the UAE for its pioneering effort in completing the first direct cross-border CBDC transaction , the “Digital Dirham,” valued at 50 million dirhams through the “Multilateral Central Bank Digital Currency Bridge (mBridge)” platform. This milestone transaction has opened new opportunities for trade and investment between the two nations.