- According to Chainanalysis, the Middle East North Africa (MENA) region is among the fastest-growing crypto market within the crypto ecosystem
- There is the Middle East, Asia and Africa Crypto & Blockchain Association (MEAACBA) is a non-profit organization launched in Abu Dhabi’s free economic zones.
- ADGM’s primary goal is to create a crypto and blockchain-friendly environment that allows innovators to explore their ingenuity in blockchain and build masterpieces.
Cryptocurrency in Africa is still a trending topic within the crypto ecosystem. Different organizations and collaborators have their eyes set on jumping onto the crypto ship sailing along the shorelines of Africa. Africa’s progress has even influenced other countries. They have taken the initiative to launch their crypto regulations, organizations and even projects to promote the use of cryptocurrency and blockchain systems.
In recent events, Abu Dhabi Global Market received a new addition as The Middle East, Asia and Africa Crypto & Blockchain Association (MEAACBA) launched officially on 8 November 2022.
This new addition will significantly boost the use of digital assets. As well as interactions between the Middle East and North African region countries. (MENA).
MENA region prosperity
According to Chainanalysis, the Middle East North Africa MENA region is among the fastest-growing crypto market within the crypto ecosystem, and for good reasons. Three countries within the region received recognition for having the top trading volumes in crypto; Turkey, Egypt and Morroco.
Many organizations are still bent on capitalizing on the low prices brought about by this crypto winter. They can accomplish this feat by establishing and integrating crypto into specific services.
Blockchain systems are thriving within the MENA region, consistently promoting cryptocurrency in Africa. Kim Grauer, director of research at Chainalysis, stated that in Egypt alone, digital assets are being used not as a short-term venture but as a long-term plan that aids enable its users to save and preserve. Cryptocurrency is still a means to salvage a country’s fiat currency from devaluation.
MENA regions are but a few to indicate and support the rising potential of cryptocurrency
ADGM introduces new MENA blockchain association
The MENA region is working with Abu Dhabi to create The Middle East Africa Asia Crypto & Blockchain Association. This non-profit organization was launched in Abu Dhabi’s free economic zones. Its core principle is to educate and support the creation of various blockchain-based systems.
MEAACBA was fitted with the designs necessary to provide an accessible, compliant, transparent crypto-blockchain ecosystem.
MENA regions will significantly benefit from this organization as cryptocurrency awareness needs to be improved. The board chairman Jehanzeb Awna highlighted that MEAACBA aims to host various webinars, courses and events to educate the global community.
Also, Read about The unique factors driving the growth of crypto in sub-Saharan Africa.
Through educating the unknown, ADGM will discover hidden talents and crypto traders within the docile group of new users. He further stated that MEAACBA would bring the knowledge, connections and support digital assets required to be e reach this highly dynamic and exciting space.
Other large cryptocurrency exchanges believe that cryptocurrency in Africa will revolutionize how we view the advances of technology. Organizations such as Binance, Crypto.com and Stuart Isted have participated and contributed significantly to the launch of MEAACBA.
In addition to its launch, MEAACBA launches a set of Guiding Principles for navigating the regulation complexities of the digital asset industry. These regulations are pseudo operations that will usher in the various curriculums MEAACBA will offer. The Financial Services Regulatory Authority generated and applied these guidelines to ADGM’s free economic zone.
ADGM’s primary goal is to create a crypto and blockchain-friendly environment. One that allows innovators to explore their ingenuity in blockchain and build masterpieces. It also ensures that each participant complies with the regulations and standards for blockchain systems and digital assets.
It will host the 2022 Abu Dhabi Finance week from Nov 14- 18 to showcase the role of the UAE in supporting fintech companies. According to its chairman Ahmed Jasim AL Zaaabi, MEAACBA will be the solution most fintech and blockchain companies require.
As the Abu Dhabi Global Market enters the African blockchain ecosystem, we are eager to see the various improvements it will bring. Digital assets are now the new in-thing for different African countries, and their benefits are still in effect. This new venture is open to the MENA region, Asia, and Africa.
MEAACBA is still a new firm looking for various clients and investors. Blockchain system integration is happening, and it will occur sooner than most think; with African countries finally adopting cryptocurrency within their economy, it’s simply a matter of time.
Cryptocurrency in Africa still has ways to go, but with such trends, its goal might be much nearer.