Crypto Asset And Blockchain Hub To Be Developed In DWTC
Muhammad Irfan Published October 18, 2021 | 07:45 PM
DUBAI, (UrduPoint / Pakistan Point News / WAM - 18th Oct, 2021) Dubai World Trade Centre Free Zone and CNMENA Holding BVI - the parent company of CoinMENA, the Sharia-compliant digital asset exchange company licensed and regulated by the Central Bank of Bahrain - have entered into a Memorandum of Understanding (MoU) to develop a Crypto Asset and Blockchain Hub at Dubai World Trade Centre (DWTC).
The agreement was signed on the CoinMENA stand during the opening day of the Future Blockchain Summit, one of six events being held at DWTC as part of GITEX Global 2021, the world’s most complete, experiential technology event, which concludes on October 21.
The MoU was signed by Abdalla Al Banna, Vice President of Free Zone Operations at DWTC, and CoinMENA’s founding team which includes Dina Saman, Talal Tabbaa, Yazan Barghuthhi, in the presence of CoinMENA’s board members Abbas Zuaiter and Khalid Saad.
Through the MoU, the two entities intend to collaborate to develop a Crypto Asset and Blockchain Hub that encourages top regional and international firms to establish a presence within the DWTC Free Zone. With DWTC providing a unique and regulated ecosystem for businesses seeking local and international opportunities, the DWTC Free Zone is an ideal environment for startups, SMEs and corporations to operate locally while reaching international markets. DWTC and CNMENA Holding will also work together to shape the development of an optimal regulatory environment within the DWTC Free Zone.
Commenting on the agreement, Al Banna said, "CoinMENA has made great strides in advancing the region’s digital asset exchange landscape. Through this MoU, we will harness the expertise of CoinMENA to accelerate Dubai World Trade Centre Free Zone’s role as an incubator for companies, underpinned by blockchain and cryptographic technologies, which continue to drive the digital-led economy.
We are committed to continually expanding our services to ensure the free zone is a destination of choice for the international investment and entrepreneurial community in the commercial heart of the middle East."
Designed to create two-way dialogue and establish progressive frameworks to identify potential synergies and future collaborative opportunities between both parties, the agreement will also see CNMENA Holding relocate CoinMENA’s UAE headquarters to the DWTC Free Zone to create a dedicated talent centre for its future engineering, compliance and resourcing requirements.
CoinMENA’s founders, Talal Tabbaa, Dina Saman and Yazan Barghuthi, said in a joint statement, "As Dubai World Trade Centre Free Zone makes tangible moves to establish instant credentials as the heartbeat of the region's digital asset exchange ecosystem, we are honoured to offer our expertise and insights into the ecosystem to develop a crypto assets and blockchain hub at DWTC. We are excited to expand internationally while also establishing a new talent hub to future-proof the ecosystem's long-term human capital requirements."
In addition to hastening the expansion of DWTC Free Zone’s existing business licenses, services and incentives, the MoU follows a recent agreement between DWTC Authority and the Securities and Commodities Authority (SCA) to support the regulation, offering, issuance, listing and trading of crypto assets and related financial activities within the DWTC Free Zone.
Related Topics
Recent Stories
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
French teen dies from heart failure after knife attack near school
Iranians appear unfazed by Isfahan blasts
UAF celebrates Int'l Chinese Language Day
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago