UAE - Mubasher: Dubai World Trade Centre (DWTC) Free Zone has inked a Memorandum of Understanding (MoU) with CNMENA Holding BVI, the parent company of CoinMENA, to build a crypto asset and blockchain hub at DWTC.
The agreement was signed during the opening day of the Future Blockchain Summit, one of six events being convened at DWTC as part of the five-day GITEX Global 2021, according to a press release on Monday.
Under the agreement, DWTC and CNMENA Holding will cooperate in launching a crypto asset and blockchain hub, attracting top regional and international companies to the DWTC Free Zone.
DWTC and CNMENA Holding, the parent company of CoinMENA, a Sharia-compliant digital asset exchange company regulated by the Central Bank of Bahrain, will also set a regulatory environment within the DWTC Free Zone.
The MoU has been reached following 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.
The Vice President of Free Zone Operations at DWTC, Abdalla Al Banna, 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."