New Crypto and Blockchain Association Launches in Abu Dhabi

Amid the fast-rising growth in the United Arab Emirates, a blockchain association dubbed “The Middle East, Africa, and Asia Crypto and Blockchain Association (MEAACBA)” has been launched in Abu Dhabi to further accelerate the growth of the sector. The announcement was made by the association on November 8.

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Based on the statement made by Jehanzeb Awan, who is presently the board chairman of MEAACBA, the launch will assist all businesses as well as enlighten the community on the benefits of the dynamic space. It is also aimed at providing opportunities and investing in education to speed up the growth of the industry.

Interestingly, a number of respected and prominent members in the industry form the committee of the association and together they intend to work with MEAACBA to enhance the growth of crypto and blockchain ecosystems.

The MEAACBA membership is open to all organizations and individuals in the Middle East, Asia, and Africa region. Although, they must be a part of the blockchain and crypto ecosystem for them to be accepted as members.

Similarly, the prominent industry members through courses, webinars, and events will share knowledge on how the community at large will be able to thrive in the crypto ecosystem. The association also has the backing of the Abu Dhabi Global Market (ADGM), the international financial center of the UAE capital.

Commenting on the launch, the chairman of ADGM expressed his satisfaction with the launch saying it will bring about positive development toward Abu Dhabi and the UAE’s digital economy and adoption.

Blockchain Association and Crypto in the MENA Region

According to an October report by blockchain analytical firm, Chainalysis, MENA countries lead the race for crypto adoption making the region the fastest-growing cryptocurrency market. Three members from the region (Turkey, Egypt, and Morocco) also featured in this year’s Crypto Adoption Index.

Turkey, an active nation in blockchain adoption recently launched its e-Human project powered by blockchain to improve its residents’ growth, development, and employability. Leading crypto exchange platform Binance also chose the nation for the launch of its 24/7 customer service center.

Meanwhile, in partnership with some government-backed financial institutions, the Central Bank of the United Arab Emirates has completed the pilot phase of its Central Bank Digital Currency (CBDC).

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