Dubai World Trade Centre Free Zone and CNMENA Holding BVI, the parent company of CoinMENA, have signed a memorandum of understanding to develop a crypto asset and blockchain hub at Dubai World Trade Centre (DWTC). The MoU was signed during Day 1 of the Future Blockchain Summit at GITEX Global 2021.
The two bodies intend to collaborate in the development of a crypto-asset and blockchain hub that encourages firms to establish a presence within the DWTC freezone. DWTC and CoinMENA also agreed to work together to develop an optimal regulatory environment within the DWTC freezone.
The agreement 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. It will also see CNMENA Holding relocate CoinMENA’s UAE headquarters to the DWTC freezone.
Abdalla Al Banna, Vice President of Free Zone Operations at DWTC, said, “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.”
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.
In turn, the SCA 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.
The Future Blockchain Summit 2021 was held in Dubai October 17-20, 2021, at the Dubai World Trade Centre (DWTC). Gulf CryptoInsight, as the event’s media partner, publishes essential updates from the summit.