Middle East, Asia and Africa Blockchain Association launched in Abu Dhabi

A new blockchain and cryptocurrency-focused association has been launched within the Abu Dhabi Free Economic Zone to further develop the blockchain and cryptocurrency ecosystem in the MENA region.

Middle East, Africa and Asia Crypto and Blockchain Association (MEAACBA) officially launched roll out November 8 at Abu Dhabi Global Market (ADGM), a free economic zone in the heart of the city that is governed by its own set of civil and commercial laws. The zone aims to promote the growth of FinTech companies in the United Arab Emirates (UAE).

The non-profit organization promotes regulatory solutions, creates business opportunities and invests in education to support industry growth, according to to its website.

The association will be led by Jehanzeb Awan, founder and chairman of the board of the Dubai-based international risk and compliance consultancy.

Others supporting the association include Binance Middle East and North Africa (MENA) regional head Richard Teng, Crypto.com Middle East and Africa general manager Stuart Isted and Ola Doudin, CEO of the region’s cryptocurrency exchange BitOasis.

Awan said he hoped the organization would advance the industry in the MENA region in a collaborative and community-based manner and “create broad interests in this dynamic and exciting space”.

“The industry will benefit from the association as it provides a coordinating mechanism between regulators, government agencies, banks, legal, tax and consulting firms to address the most pressing challenges,” he added.

ADGM chairman Ahmed Jasim Al Zaabi also said the addition of MEAACBA would contribute to a more “progressive financial sector” in the region.

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The launch of MEAACBA comes as the Financial Services Regulatory Authority (FSRA) – the financial regulator for the ADGM Free Economic Zone – has released a set of “Guiding Principles” on its approach Navigating Regulatory Complexity Brought by the digital asset industry in September.

The principles are said to be “crypto-friendly” while still complying with some anti-money laundering (AML) and Counter Terrorism Financing (CFT) by the United Nations.

Middle East and North Africa as well fastest growing cryptocurrency market Worldwide, according to a recent study. During the 12-month period between July 2021 and June 2022, the MENA region recorded a transaction volume of $566 billion, an increase of 48% from the previous 12-month period.

In many emerging markets, use cases for cryptocurrencies come in the form of savings preservation and remittance payments to combat the inflationary effects of highly volatile economies.