Dubai World Trade Centre free zone to develop crypto asset, blockchain hub

Free zone signs deal with digital assets exchange CoinMENA to develop hub

  
Representations of Bitcoin and other cryptocurrencies are seen with a network cable in this illustration picture taken September 27, 2021.

Representations of Bitcoin and other cryptocurrencies are seen with a network cable in this illustration picture taken September 27, 2021.

Reuters/Florence Lo/Illustration

A special hub will be set up at the Dubai World Trade Centre (DWTC) Free Zone to attract companies operating in the crypto assets and blockchain space. 

The DWTC Free Zone and digital assets exchange CoinMENA said they have just concluded an agreement to develop a “crypto asset and blockchain hub” in DWTC.

The memorandum of understanding was signed by the DWTC and CoinMENA’s subsidiary, CNMENA Holding BVI. 

DWTC and CoinMENA will collaborate to develop a crypto asset and blockchain hub that “encourages top regional and international firms to establish a presence” within the zone, a joint statement said. 

The free zone will also be able to harness the expertise of CoinMENA in accelerating the free zone’s role as an “incubator for companies, underpinned by blockchain and cryptographic technologies,” according to Abdalla Al Banna, vice president of free zone operations at DWTC. 

The agreement will likewise see CoinMENA’s UAE headquarters relocate to the DWTC Free Zone. 

The DWTC Authority and the Securities and Commodities Authority (SCA) had earlier signed an agreement to support the regulation, offering, issuance, listing and trading of crypto assets and related financial activities within the DWTC free zone. 

(Reporting by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com 

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© ZAWYA 2021


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