Abu Dhabi Introduces Blockchain and Cryptocurrency Association

The emirate of Abu Dhabi has launched a new body to advance the development of blockchain and cryptocurrency.

Supported by Abu Dhabi Global Market (ABGM), the Middle East, Africa and Asia Crypto and Blockchain Association (MEAACBA) intends to bring together key players in the industry in order to deal with the arising problems and challenges, such as the issues of sustainability in the cryptocurrency sector.

The association aims to develop educational campaigns and in collaboration with local and global partners to provide frameworks for blockchain ecosystems that are accessible, transparent and comply with industry standards for other players to adopt.

Mubadala-backed MidChains, Dubai-based BitOasis, Bahrain's Rain Financial, Crypto.com and Binance are partners of the MEAACBA.

As part of an attempt to develop the future economy, the UAE is known for integrating blockchain into the economy, government and society. According to the official data, today the UAE digital economy contributes 4.3% to the national economy.

The UAE is heading to become one of the best international financial centres, and we want to be a recognised contributor to the development of the diversified and sustained development of the UAE economy,

ADGM chairman Ahmed Al Zaabi said on Tuesday.

Creating the association boosts Abu Dhabi and the UAE’s positions in innovation and transition into a knowledge-based and smart economy.