The Abu Dhabi Global Market (ADGM), a free economic zone, saw the launch of the Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA). The association aims to facilitate regulatory solutions, create commercial opportunities and invest in education to support the industry’s growth.
Jehanzeb Awan, the founder of an international risk and compliance consulting firm, will head the MEAACBA as its board chairman. The board will be supported by Binance’s regional head of Middle East and North Africa (MENA), Richard Teng, Crypto.com’s general manager of the Middle East and Africa, Stuart Isted, and Ola Doudin, CEO of BitOasis.
Awan believes the association will bring about a collaborative and community-based approach to further industry growth in the MENA region. Awan will work towards creating wide-reaching benefits for the highly dynamic and exciting crypto and blockchain space. He feels the industry will benefit from the association as it provides a coordination mechanism between regulators, government agencies, banks, and legal, tax, and advisory firms to address the most pressing challenges.
Ahmed Jasim Al Zaabi, ADGM’s chairman, said MEAACBA’s addition would contribute to a much more progressive financial sector in the region. MEAACBA’s introduction in the ADGM comes with the publication of a set of “Guiding Principles” by the Financial Services Regulatory Authority (FSRA). The principles will help navigate the regulatory complexities brought by the digital asset industry. It’s crypto-friendly and complies with some of the strict international standards on anti-money laundering (AML) and counter-terrorism financing (CFT) by the United Nations.