A new blockchain association has launched in Abu Dhabi, at the centre of North Africa and the Middle East’s expansion into the cryptocurrency market. The MENA region, as it is abbreviated, was the fastest-expanding crypto market in 2022 as users transacted $566 billion in cryptocurrency, a report by Chainalysis found.
The MEA & Asia Crypto & Blockchain Association, which represents the views of advancing blockchain enterprises, was formally launched on 8th November.
Rumoured to already be members of the non-profit are Binance, Crypto.com, BitOasis, MidChains, Rain Financial and Awan & Partners, while the fledging association is headed by ChairmanJehanzeb Awan. MEAACBA membership is open to all businesses and executives across the MENA region with a professional background in blockchain technology and cryptocurrency, and associated fields like Web3 and the Metaverse.
A catalyst for the emerging market is considered to be the healthy economic climate which is being boosted by a shift in users leveraging digital currencies, secure end-to-end networks like blockchain. Dubai is also a hub of free trading zones, with exceptions being foreign-owned enterprises, which characteristically allow investors to attain low-cost business licenses while developing world-class infrastructure. The UAE has a number of free zones across Abu Dhabi and currently has no personal income tax system, demonstrating a much more lax economic society.
The association will encourage members to share knowledge and champion thought-leadership on the present innovation of blockchain and crypto technology and compliancy in policy and legal frameworks, as well as strive for future change in the market.
Jehanzeb Awan, Board Chairman, said: “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”, adding that the association would strive to ensure every enterprise will be educated through collaboration and helped to “succeed and thrive”. He is the founding partner and CEO of j. awan & partners.
Richard Teng, who is a Board Member and Regional Head of MENA at Binance, also commented” “We have always said that good regulation is good for crypto, and bad regulation will be bad for all the industry”.
Graphic supplied by Chainalysis.