To further develop blockchain and crypto ecosystems across the Asian regions, Middle Eastern, and North America, a new association – MEA & Asia Crypto & Blockchain Association (MEAACBA) has been launched within Abu Dhabi’s free economic zone.

On Nov 8, 2022, this association was launched in Abu Dhabi Global Market (ADGM). The center is based in the center of the city and is a free economic zone with its own set of civil and commercial laws. To further launch and grow fintech companies in the United Arab Emirates  (UAE) the zone was designed accordingly.

MEAACBA is a nonprofit organization formed to champion Cryptocurrency and Blockchain in the Middle East, Africa, and Asia. The organization has cross-country representations to facilitate regulatory solutions, create commercial opportunities and invest in education and innovation for participants across the crypto and blockchain ecosystem. This includes but is not limited to exchanges, custodians, consulting firms, regulators, technology developers, digital asset traders, and NFT/ Metaverse firms.

The website of MEAACBA states that as a member-led and driven platform, it is dedicated to building sustainable, well-regulated, and successful cryptocurrency and Blockchain businesses. The Association is committed to educating the community and supporting the creation of fit-for-purpose regulatory solutions which protect industry participants and the wider public.

Board Chairman, Jehanzeb Awan founder of an international risk and compliance consulting firm headquartered in Dubai said, “MEAACBA will bring the knowledge, connections, and gravitas needed to create wide-reaching benefits for this highly dynamic and exciting space. We are dedicated to educating the global community and helping all businesses succeed and thrive. This will be delivered by industry experts sharing knowledge through webinars, courses, and events. 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.”

There are other supporting companies associated with this organization such as Binance’s regional head of Middle East and North Africa (MENA), Crypto.com’s general manager of Middle East and Africa, Richard Teng, Stuart Isted, and Ola Doudin, the CEO of BitOasis, a cryptocurrency exchange in the region.

Jehanzeb Awan informed that he hopes to see further growth in the MENA region as the organization aims to bring about a collaborative and community-based approach and “create wide-reaching benefits for this highly dynamic and exciting space.”

He further added, “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.”

Board Member Richard Teng, Binance Regional Head of MENA, said: “We have always said that good regulation is good for crypto, and bad regulation will be bad for all the industry. Therefore, we welcome and want to be part of initiatives like MEAACBA which look to address difficult questions through collaboration and education. The best way forward for our industry is to be inclusive and to build trust with our users.”