A new blockchain and crypto-centric association was reportedly formed within Abu Dhabi’s free economic zone, with a primary target of advancing the growth of blockchain and crypto ecosystems in the Middle Eastern, North Africa, and Asian regions.

Specifically, the Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) was officially introduced on Nov. 8 in the Abu Dhabi Global Market (ADGM), a free economic zone situated in the heart of the city, catering to its own set of civil and commercial laws. 

The zone was reportedly built with a main goal of fast-tracking the development of fintech firms in the United Arab Emirates (UAE).

The nonprofit organization will work towards supporting regulatory solutions, forming commercial opportunities as well as making investments in education to assist with industry growth. 

The association will be led by board chairman Jehanzeb Awan, founder of a global risk and compliance consulting entity headquartered in Dubai.

Different establishments throwing their weights behind the association include Binance’s regional head of Middle East and North Africa (MENA), Richard Teng, Crypto.com’s general manager of Middle East and Africa, Stuart Isted, and Ola Doudin, the CEO of BitOasis, a cryptocurrency exchange in the region.

Awan further shared his hopes for the organization to establish a collaborative and community-centered approach to advance sector growth in the MENA region, as well as “creating wide-reaching benefits for this highly dynamic and exciting space.”

“The industry will benefit from the Association as it provides a coordination mechanism between regulators, government agencies, banks, legal, tax, and advisory firms to address the most pressing challenges,” he added.

ADGM’s chairman Ahmed Jasim Al Zaabi further claimed that MEAACBA’s inclusion would contribute to a refined “progressive financial sector” in the area.