{"id":39761,"date":"2022-11-09T03:33:10","date_gmt":"2022-11-09T07:33:10","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=39761"},"modified":"2022-11-09T03:33:12","modified_gmt":"2022-11-09T07:33:12","slug":"crypto-and-blockchain-association-meaacba-launches-in-abu-dhabi","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-and-blockchain-association-meaacba-launches-in-abu-dhabi\/","title":{"rendered":"Crypto and blockchain association (MEAACBA) launches in Abu Dhabi"},"content":{"rendered":"\n
A new blockchain body dubbed The Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) has been launched in Abu Dhabi and has the backing of crypto exchanges<\/a> and industry leaders in the regions. <\/h5>\n\n\n\n
\"Crypto
Crypto and blockchain association (MEAACBA) launches in Abu Dhabi<\/figcaption><\/figure>\n\n\n\n

In Abu Dhabi's free economic zone, a new blockchain and cryptocurrency-focused association\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> have been established with the goal of advancing the growth of blockchain and crypto ecosystems across the Middle Eastern, North African, and Asian areas.<\/p>\n\n\n\n

The Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) was formally inaugurated on November 8 at the Abu Dhabi Global Market (ADGM), a free economic zone in the city's central business district with its own civil and commercial rules. The zone was created to promote the expansion of fintech businesses in the United Arab Emirates (UAE).<\/p>\n\n\n\n

According to its website, the non-profit group will promote regulatory solutions, generate commercial opportunities, and engage in education to encourage industry growth.<\/p>\n\n\n\n

The group will be led by board chairman Jehanzeb Awan, the founder of a Dubai-based international risk and compliance consulting firm.<\/p>\n\n\n\n

Richard Teng, Binance's regional head of the Middle East and North Africa<\/a> (MENA), Stuart Isted, Crypto.com's GM of Middle East and Africa, and Ola Doudin, the CEO of BitOasis, a cryptocurrency exchange in the region, also endorse the association.<\/p>\n\n\n\n

Awan stated that he expects the group will implement a collaborative and community-based strategy to promote industry growth in the MENA region and “provide extensive benefits for this extremely dynamic and interesting environment.”<\/p>\n\n\n\n

\u201cThe industry will benefit from MEAACBA as it provides a coordination mechanism between regulators, government agencies, banks, legal, tax, and advisory firms to address the most pressing challenges,\u201d he added.<\/p>\n\n\n\n

ADGM\u2019s Chairman Ahmed Jasim Al Zaabi also stated that MEAACBA\u2019s addition would contribute to a much more \u201cprogressive financial sector\u201d in the region.<\/p>\n\n\n\n

The Financial Services Regulatory Authority (FSRA), the financial regulator of ADGM's free economic zone, announced in September a set of “Guiding Principles” outlining its strategy for navigating the regulatory challenges introduced by the digital asset market<\/a>.<\/p>\n\n\n\n

The principles are deemed “crypto-friendly” while yet adhering to the United Nations tough international regulations on Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT).<\/p>\n\n\n\n

According to a recent report, the MENA area has the fastest-growing cryptocurrency sector in the world. During the period between July 2021 and June 2022, transaction volume in MENA surpassed $566 billion, a 48 percent rise over the preceding 12 months.<\/p>\n\n\n\n

In many of these emerging regions, cryptocurrencies <\/a>are used to save funds and make remittance payments to combat the consequences of inflation in highly unstable economies.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new blockchain body dubbed The Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) has been launched in Abu Dhabi and has the backing of crypto exchanges and industry leaders in the regions. In Abu Dhabi’s free economic zone, a new blockchain and cryptocurrency-focused association have been established with the goal of advancing […]<\/p>\n","protected":false},"author":12,"featured_media":39763,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1822,326,12123,12122],"class_list":["post-39761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-abu-dhabi","tag-binance","tag-crypto-and-blockchain-association","tag-meaacba"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/image-29.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/39761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=39761"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/39761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/39763"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=39761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=39761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=39761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}