Image source: IDB
Blockchain technology has been the hottest topic in the tech industry in recent years and is now looking to progress further.
A new blockchain and crypto association was recently formed in the Abu Dhabi Free Economic Zone.
Its goal is to improve the development of the blockchain and crypto ecosystem in the Middle East, North Africa, and Asia.
The Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) was founded days earlier on the Abu Dhabi Global Market (ADGM).
Furthermore, the ADGM is a free economic zone in the city’s center.
It is governed by its own civil and commercial laws.
In addition, the zone aims to promote the growth of fintech companies in the United Arab Emirates (UAE).
The nonprofit organization aims to ease regulatory solutions, create business opportunities and invest in education to support industry growth.
The MEAACBA will be led by CEO Jehanzeb Awan.
Awan is the founder of an international risk and compliance consultancy based in Dubai.
Other association supporters include:
- Richard Teng, Binance’s regional head of the Middle East and North Africa (MENA)
- Stuart Isted, Crypto.com’s general manager of Middle East and Africa
- Ola Doudin, the CEO of BitOasis, a cryptocurrency exchange in the region
Additionally, Awan said he hopes the organization will bring a collective, community-based approach to enhancing industry growth in the MENA region.
He also hopes to develop significant benefits for the “highly dynamic and exciting” space.
“The industry will benefit from the Association as it provides a coordination mechanism between regulators, government agencies, banks, legal tax, and advisory firms to address the most pressing challenges,” said Awan.
Finally, Ahmad Jasim Al Zaabi, chairman of the ADGM, said that adding the MEAACBA would help create a “more progressive financial sector” in the region.
The launch of MEAACBA comes as the FSRA in November released some “guiding principles” in its approach to dealing with the regulatory complexities that the digital asset industry brings.
The Financial Services Regulatory Authority is the financial regulatory body of the ADGM Free Economic Zone.
In addition, the principles are “crypto-friendly.”
It continues to adhere to the United Nations’ strict international Anti-Money Laundering (AML) and Anti-Terrorist Financing (CFT) standards.
Moreover, recent studies show that the MENA region is the fastest-growing cryptocurrency market.
Moreover, the volume of transactions in the MENA region between July 2021 and June 2022 has increased by 48% in the last 12 months. It reached $ 566 billion.
The use case for cryptocurrencies in emerging markets comes from holding savings and money transfers.
Finally, it curbs inflation in unstable economies.