It is expected that the new association will work towards enhancing the acceptance of digital assets by banks.
An association of cryptocurrency and Blockchain players in the Middle East, Africa, and Asia has been launched in Abu Dhabi.
The association tagged the Middle East, Africa and Asia Crypto and Blockchain Association (MEAACBA) seeks to bring all players together to address the challenges in the industry.
The not-for-profit organization backed by the Abu Dhabi Global Market is bringing the stakeholders in the region together to strengthen the growth of crypto and Blockchain development in the country.
A key task for the newly launched association is to draw up frameworks for the Blockchain Technology ecosystem, putting in mind the standards in the industry and transparency.
As reported by ‘The National’, “the new association is keen to address the cryptocurrency sector’s challenges, especially now that it is going through what is called a “crypto winter”, or a cool-down in the market that dragged Bitcoin to below its key $20,000 psychological level in June and wiped $2 trillion off the sector’s total market, sending it below $1 trillion.
“We have had some very nice springs and summers, but also pretty cold and chilly winters,
“Businesses are built on principles, not seasons, therefore, we need a lot of effort to bring all industry players together,” said Jehanzeb Awan, chairman of the new association.
Awan is also the founding partner and chief executive of Dubai-based financial consultancy J Awan & Partners.
It is also expected that the new association will work towards enhancing the acceptance of digital assets by banks.
Commenting on the development, the ADGM chairman Ahmed Al Zaabi said that this was part of efforts by the UAE to leverage the merits of Blockchain Technology and cryptocurrency as already outlined in its plan to diversify its economy.
“The UAE is heading to become one of the best international financial centers, and we want to be a recognized contributor to the development of the diversified and sustained development of the UAE economy,
“We strongly believe that MEAACBA will constantly contribute towards the bolstering of the UAE’s digital economy and adoption … and will have an impact in the region and globally,” he said.