Australia Bans Online Gambling Using Crypto and Credit Cards

China and the United Arab Emirates (UAE) will increase their cooperation in fighting crypto-related cybercrime.

This latest commitment was conveyed through a joint official statement on 30 May 20244 following the state visit of UAE President Mohammed bin Zayed Al Nahyan to China.

Reporting from Coinmarketcap, Thursday (6/6/2024), this announcement comes as Hong Kong data shows a spike in crypto fraud activity between 2022 and 2023. The joint statement highlights certain areas of concern, including telecommunications network fraud and online gambling.

Both countries aim to curb illegal activities that might exploit crypto, and demonstrate a shared determination to address the issue.

In addition to focusing on cybercrime, China and the UAE underscored their commitment to fighting money laundering, human trafficking, drug trafficking and illegal immigration. This broader effort addresses illicit financial flows that can involve digital assets.

While the statement did not outline specific regulations targeting cryptocurrencies, it demonstrated a coordinated approach by the two countries to address potential misuse of crypto technology.

Apart from security issues, the statement emphasized the importance of supporting bilateral trade and investment partnerships. Both countries are committed to promoting trade, facilitating investment and developing tourism through the Joint Economic and Trade Committee.

An important aspect of the joint statement is the recognition of central bank digital currencies (CBDC) in enhancing cross-border trade and investment.