CoinMENA partners with DWTC to set up crypto asset and blockchain hub in Dubai

Dubai World Trade Centre Free Zone and CNMENA Holding BVI, the parent company of CoinMENA, have signed an MoU to develop a crypto asset and blockchain hub at Dubai World Trade Centre (DWTC).

The two entities intend to collaborate to develop a crypto asset and blockchain hub that encourages firms to establish a presence within the DWTC freezone. DWTC and CNMENA Holding will also work together to develop an optimal regulatory environment within the DWTC freezone.

The agreement which was signed 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, will also see CNMENA Holding relocate CoinMENA’s UAE headquarters to the DWTC freezone.

“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,” said Abdalla Al Banna, Vice President of Free Zone Operations at DWTC.

In September, UAE’s Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) signed an agreement to support crypto assets trading and related financial activities within DWTCA’s freezone.

Read: UAE stock market regulator, Dubai World Trade Centre Authority agree to support crypto assets trading

The agreement established a framework that allows DWTCA to issue the necessary approvals and licenses for financial activities relating to crypto assets.

The SCA will in turn will oversee, monitor, and inspect entities operating within DWTCA’s freezone.

In collaboration with DWTCA, the SCA will handle the regulatory oversight of the issuance, offering, listing, and trading of crypto assets as well as the licensing of the associated financial activities that fall under DWTCA’s jurisdiction.