Dubai World Trade Centre free zone (DWTC) and CNMENA Holding BVI - the parent company of CoinMENA, the Sharia-compliant digital asset exchange company licensed and regulated by the Central Bank of Bahrain — have entered into a memorandum of understanding (MoU) 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, which concludes on October 21.
The MoU was signed by Abdalla Al Banna, vice president of free zone Operations at DWTC, and CoinMENA’s founding team Dina Saman, Talal Tabbaa, Yazan Barghuthhi, in the presence of CoinMENA’s board members Abbas Zuaiter and Khalid Saad.
Through the MoU, the two entities intend to collaborate to develop a crypto asset and blockchain hub that encourages top regional and international firms to establish a presence within the DWTC 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. DWTC and CNMENA Holding will also work together to shape the development of an optimal regulatory environment within the DWTC free zone.
Abdalla Al Banna, vice president, free zone operations at DWTC, said: “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 DWTC 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.”
Designed to create two-way dialogue and establish progressive frameworks to identify potential synergies and future collaborative opportunities between both parties, the agreement will also see CNMENA Holding relocate CoinMENA’s UAE headquarters to the DWTC free zone to create a dedicated talent centre for its future engineering, compliance and resourcing requirements.
“As DWTC free zone makes tangible moves to establish instant credentials as the heartbeat of the region's digital asset exchange ecosystem, we are honoured to offer our expertise and insights into the ecosystem to develop a crypto asset and blockchain hub at DWTC. We are excited to expand internationally while also establishing a new talent hub to future-proof the ecosystem's long-term human capital requirements,” said the company’s founders, Talal Tabbaa, Dina Saman and Yazan Barghuthi in a joint statement.
In addition to hastening the expansion of DWTC free zone’s existing business licenses, services and incentives, 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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