Abu Dhabi has launched a new organization it’s calling the Middle East, Africa, and Asia Crypto and Blockchain Association (MEAACBA). The non-profit is built to bring industry leaders together to discuss the major challenges the crypto industry brings to the region and to see how best to integrate crypto into everyday life.
The MEAACBA Will Seek to Strengthen the Crypto Space
Among the financial companies that have already joined the MEAABA include Bit Oasis, a Dubai-based digital currency exchange; Mid Chains, a trading platform; Crypto.com; Binance, and Rain Financial in Bahrain. Abu Dhabi says it wants to become the world’s leading financial hub, and it hopes to make crypto a staple of living and working in the region.
The MEAACBA chairman Ahmed Al Zaabi explained in a recent speech:
The UAE is heading to become one of the best international financial centers, and we want to be a recognized contributor to the development of the diversified and sustained development of the UAE economy. We strongly believe that MEAACBA will constantly contribute towards the bolstering of the UAE’s digital economy and adoption… and will have an impact in the region and globally.
Abu Dhabi is widely considered amongst several industry heads to be in a great place when it comes to crypto adoption. Stuart Isted – general manager for the Middle East and Africa branches of Crypto.com – explained:
If you look at the US and UK market, they don’t have the same regulatory framework and intent from the regulator to build out an industry from the ground up, which is what the UAE has done.
The UAE has cemented its position in the digital currency arena by being one of the few nations out there to instill appropriate regulatory tactics for the growing arena. Just a few weeks ago, Dubai said that it was now working to initiate a new set of crypto-based laws that would ensure all traders remain safe and secure when engaging in transactions and that illicit actors had fewer opportunities to get involved in blockchain.
Like all crypto fanatics, Abu Dhabi has been suffering from the ongoing crypto winter. Jehanzeb Awan – chairman of the new association and founding partner of J Awan & Partners in Dubai – said:
We have had some very nice springs and summers, but also cold and chilly winters. Businesses are built on principles, not seasons. Therefore, we need a lot of effort to bring all industry players together.
Building Things from the Bottom Up
According to Joseph Dallago – chief executive and co-founder of Rain Financial – 2022 has presented several opportunities to focus on the fundamentals of the crypto space rather than just prices. He said:
A lot of people focus on the speculative nature of the industry, but this year is a chance to focus on the fundamentals of the industry.
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