The Hong Kong Securities and Futures Commission (SFC) and Dubai are partnering.
It is a cooperative agreement. Hong Kong will help Dubai build technology. Dubai wants to be is already putting documents on a blockchain and is setting up digital passports.
as we have observed before, this progress is in the public sector. Crypto may have public applications but many of the changes will take place privately.
Dubai is using technology to re-enforce the way things are currently, not to make things less controlled. Dubai’s government may think crypto will just strengthen what is already there, but in fact it may move over time in opposite direction.
That won’t help Dubai’s government but it will help rationalize regulation and eventually make it more modest.