Dubai: The Dubai World Trade Centre Free Zone will host a Blockchain and crypto asset hub. This follows an agreement struck by the Authority with CNMENA Holding BVI, which is the parent company of CoinMENA, the digital asset exchange company.
The Crypto Asset and Blockchain Hub will encourage top regional and international firms to establish a presence within the free zone. The DWTC Free Zone will thus be an “ideal environment” for startups, SMEs and corporations to operate locally while reaching international markets. (It was last month that the free zone won the regulatory go ahead to set up an environment to support crypto asset trading.)
Grand crypto ambitions
“CoinMENA has made great strides in advancing the region’s digital asset exchange landscape,” said Abdalla Al Banna, Vice-President of Free Zone Operations at DWTC. “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.”
DWTC and CNMENA Holding will also work to shape the development of an optimal regulatory environment within the DWTC Free Zone.
“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 honored to offer our expertise and insights into the ecosystem to develop a crypto assets and blockchain hub at DWTC," said CNMENA's founders Talal Tabbaa, Dina Saman and Yazan Barghuthi in a joint statement. "We are excited to expand internationally while also establishing a new talent hub to future-proof the ecosystem's long-term human capital requirements.”