Making a return to the Middle East and North Africa (MENA) region, CoinW, the world’s pioneering cryptocurrency exchange, successfully wrapped up an intensive events schedule earlier this week. The two pivotal industry events unfolded simultaneously in the region: the DATE Fintech Show in Saudi Arabia and the Global Blockchain Congress in Dubai, UAE.
CoinW’s participation in these events extends beyond boosting regional brand awareness through gold sponsorships; it signifies a strategic move to bolster its global expansion into the MENA region. Carmen Tan, CoinW’s Chief Communications Officer, provided insights into the exchange’s strategic approach to the MENA market during a panel discussion at the Global Blockchain Congress.
During the panel discussion, themed “The Future of Crypto: Regulatory Uncertainty and the Way Forward,” Carmen highlighted a significant shift in the global legislative agenda. She pointed out, “The era of unregulated entities making substantial profits without oversight from regulators has come to an end. A balanced approach, such as Dubai’s VARA model, may foster innovation while addressing concerns. Therefore, CoinW always values clear guidelines.”
Carmen emphasized the importance of embracing the more welcoming and robust legislative entities. For example, the regulatory framework for virtual assets in the UAE proves advantageous, as it values web3 and actively works out more robust legal frameworks. Key emirates, Dubai and Abu Dhabi, already function as crypto hubs.
In fact, CoinW targeted the MENA region years ago. In 2021, the CoinW Headquarters were relocated to Dubai. By June of 2023, CoinW secured initial approval from the Dubai Virtual Asset Regulatory Authority (VARA), establishing a solid foundation for its operations in the region. Concurrently, a tailored version of CoinW product has been developed for MENA users.
Built on a foundation rooted in the compelling hybrid approach, which is to combine both self-regulation and legal frameworks, CoinW possesses a distinct yet vast vision for transforming the new generation of finance.
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