Blockchain development in MENA region and top countries adopting the technology

Blockchain development in MENA region and top countries adopting the technology

CoinPoint indicates the next crypto hubs — Dubai, UAE, and Bahrain

It is undeniable that the MENA region has been continuously furnishing cryptocurrency and blockchain ventures. Blockchain, a “fourth industrial revolution” technology of great promise, is being embraced not only by ventures but also by MENA governments and regulators. Seen as a technological foundation stone for improving productivity and streamlining of processes, MENA governments are adopting blockchain-based initiatives and regional regulators are creating environments to foster blockchain innovation and growth.

As a well-known player in the blockchain and crypto marketing industry CoinPoint has already established several long term partnerships with top rated global blockchain companies to provide the business development and marketing cornerstone imperative for setting the company in motion.

MENA area, being the major driver of newest blockchain ideas and a global cryptocurrency hub regulation-wise, is in a dire demand for new technologies and solutions but also professional and experienced partner to advise on the right marketing approach in such a dynamic and demanding industry. By participating in one of the biggest MENA events in June 2019, CoinPoint is aimed at confronting these demands and further assist the most aspiring projects in the industry reach the well-deserved prominence.

Pro-blockchain MENA countries

Dubai and its Dubai Future Foundation (DFF) have been spearheading the blockchain technological charge since 2015. The main objective of the DFF is to leverage blockchain technology’s benefits to streamline government and bureaucratic processes. Additionally, Dubai is attempting to create a strong start-up ecosystem through its Dubai Future Accelerators program, which has already given 30 companies 3 months of development time and access to millions of dollars in venture capital. Dubai, which is dubbed as the “smart city of the future”, is one of the few locations in the region that doesn’t take blockchain technology for granted and is focused on bringing it mainstream.

Bahrain is also targeting “country-level” blockchain adoption, especially in the FinTech sector. FinTech blockchain projects are also on the rise. As an example, the Bahrain Economic Development Board has allied with the Singapore FinTech Consortium. The collaboration is aiming at developing commercial, technological and regulatory framework to boost the Kingdom’s FinTech ecosystem. It goes without say that this plan will rely heavily on the blockchain tech.

“The ability for blockchain to be adopted at the country level is a huge opportunity for Bahrain to move into the spotlight as a pioneer in this space” said the CEO of Bahrain Economic Development Board, Khalid Al Rumaihi.

UAE is also vigorously joining the group of pro-blockchain businesses in 2019 in light of the new crypto legislations. UAE government officials has announced a new regulatory framework for ICOs (Initial Coin Offering) and STOs (Security Token Offering) and hinted on the feasible regulation for cryptocurrency exchanges.

Simultaneously, the UAE keeps developing several crypto and blockchain projects. For instance, UAE has partnered with its neighbors — Saudi Arabia to allow cross-border transactions and make crypto assets available to everyone. Moreover, the Advisory Council of the United Arab Emirates Banks Federation has discussed applying blockchain in its member banks to improve Know Your Customer (KYC) processes.

About CoinPoint:

CoinPoint is a premium marketing agency founded in 2013. Owned by CoinPoint Group Inc., the agency is now working with a number of all-scale businesses in the crypto space. With a wide range of clientele from cryptocurrencies markets, blockchain, and fintech, CoinPoint has already opened offices in Europe and the Asia-Pacific. With these headquarters strategically positioned, CoinPoint stays on top of the latest trends and innovations across the globe.