By George Ward
According to reports, a new blockchain association has emerged. The body will foster crypto and blockchain development in Asia, Africa, and the Middle East. Significant leaders in the crypto industry and exchange firms like Crypto.com and Binance have supported the association.
MEAACBA To Foster Crypto And Blockchain Development
Several entities have come together to create a crypto and blockchain-focused group. This group aims to promote crypto and blockchain advancement across the Middle East, Asia, and Africa.
On November 8th, MEAACBA (The Middle East, Africa, And Asia Crypto and Blockchain Association) was launched in ADGM (Abu Dhabi Global Market). ADGM is a free economic zone located at the center of Abu Dhabi.
The UAE designed the zone to accelerate the growth of fintech firms in the UAE (United Arab Emirates). It has its own commercial and civil laws. Meanwhile, the MEAACBA has several functions, as seen on its website.
They include creating commercial opportunities, providing education about crypto and blockchain, and facilitating regulatory solutions. Jehanzeb Awan, the creator of an international risk firm in Dubai, will be the association’s leader.
According to Awan, the new body will adopt a community-based and collaborative approach. This will help the body to promote crypto and blockchain growth in the region.
Awan said it would provide several benefits for individuals and companies in the area. He added that:
“The crypto and blockchain industry will enjoy numerous benefits from MEAACBA. The association will offer a mechanism for entities to interact with government agencies, regulators, banks, tax, advisory, and legal firms to address serious issues.”
Fast Crypto Adoption In The MENA Region
Ahmed Jasim Al Zaabi, the chairman of the ADGM, said launching MEAACBA is a good initiative. He said the association would help develop the three regions’ financial sectors.
Meanwhile, the launch of MEAACBA comes after the FSRA (Financial Services Regulatory Authority) released guiding principles for the crypto industry. The FSRA is the ADGM’s financial regulator.
The guidelines released in September relay how the regulator will regulate the crypto sector. According to the agency, the principles are crypto-friendly and will not impede crypto adoption.
Yet, it complies with the United nation’s global standards on CFT (Counter-Terrorism Financing) and AML (Anti-Money Laundering). Interestingly, the MENA region is among the fastest-growing crypto markets globally.
A recent study revealed that crypto transaction volume in the region hit about $566 billion from July 2021 to June 2022. This figure shows a rise of 48% when compared with the previous twelve months.
Crypto usage has gained increased use in most emerging markets. Several individuals have turned to crypto to save their wealth from unstable economies and increased inflation.