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DWTC & CoinMENA Collaborate to Create a Crypto Asset and Blockchain Hub

cryptoknowmics.com 20 October 2021 15:39, UTC
Reading time: ~2 m

The Dubai World Trade Centre Free Zone 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 signed a Memorandum of Understanding (MoU) to create a Crypto Asset and Blockchain Hub at the Dubai World Trade Centre (DWTC). 

DWTC & CoinMENA Sign Memorandum of Understanding (MoU)

The agreement was announced on the CoinMENA platform on the first day of the Future Blockchain Summit, one of six events taking place at the Dubai World Trade Centre (DWTC)  as part of GITEX Global 2021,  the world’s largest comprehensive, immersive technology event which will end on October 21. 

The MoU was signed in the presence of CoinMENA board members Abbas Zuaiter and Khalid Saad by Abdalla Al Banna, Vice President of Free Zone Operations at DWTC, and CoinMENA's founding team Dina Saman, Talal Tabbaa, and Yazan Barghuthhi.

Aim To Create a Crypto Asset & Blockchain Hub at DWTC

The two entities plan to work through the MoU to create Crypto Asset and Blockchain Hub that would attract top regional and international businesses to establish a presence within the DWTC Free Zone. 

The DWTC Free Zone is an excellent setting for startups, SMEs, and multinationals to operate locally while accessing worldwide markets, with DWTC providing a unique and controlled ecosystem for enterprises seeking local and international possibilities. 

DWTC and CNMENA Holding will also collaborate to create an appropriate regulatory environment within the DWTC Free Zone.

“CoinMENA has made great strides in advancing the region’s digital asset exchange landscape,” said Abdalla Al Banna, Vice President of Free Zone Operations at DWTC. “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. 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.”

The agreement will also see CNMENA Holding relocate CoinMENA’s UAE headquarters to the DWTC Free Zone to create a dedicated talent center for its future engineering, compliance, and resourcing requirements. 

It is designed to create two-way dialogues and establish progressive frameworks to identify potential synergies and future collaborative opportunities between both parties.

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