DWTC Free Zone, CoinMENA to set up Crypto Asset & Blockchain Hub

By Shilpa Annie Joseph, Official Reporter
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Dubai World Trade Centre Free Zone (DWTC Free Zone) has signed a Memorandum of Understanding (MoU) with CNMENA Holding, the parent company of CoinMENA, to develop a Crypto Asset and Blockchain Hub at Dubai World Trade Centre (DWTC).

The agreement was signed on the CoinMENA stand during the opening day of the Future Blockchain Summit, one of six events being held at DWTC as part of the five-day GITEX Global 2021, the world’s most complete, experiential technology event.

Under the MoU, the DWTC Free Zone and CoinMENA will collaborate to develop a Crypto Asset and Blockchain Hub that promotes top regional and international companies to establish a presence within the free zone.

With DWTC providing a unique and regulated ecosystem for businesses seeking local and international opportunities, the DWTC Free Zone is an ideal environment for startups, SMEs, and corporations to operate locally while reaching international markets.

Abdalla Al Banna
Abdalla Al Banna
Vice President
Free Zone Operations

“CoinMENA has made great strides in advancing the region’s digital asset exchange landscape. 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.”

As per the statement, CNMENA Holding will also relocate CoinMENA’s UAE headquarters to the DWTC Free Zone in order to establish a dedicated talent center for the company’s future engineering, compliance, and resourcing requirements.

The MoU follows a recent agreement between DWTC Authority and the Securities and Commodities Authority (SCA) to support the regulation, offering, issuance, listing, and trading of crypto assets and related financial activities within the DWTC Free Zone.

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