UAE-based MENA Fintech Association has established the Digital Assets Working Group to support the adoption and use of digital assets across MENA. Founded in 2018, the MENA Fintech Association has made a name for itself as a top fintech organisation.

With a strong presence in the Middle East and Africa, the association has played a leading role in fostering innovation and collaboration in the fintech industry. The newly formed Digital Assets Working Group assumes an important role as an advocate and catalyst for advancing clear, progressive, and sustainable regulations governing digital assets in the MENA region. This group aims to support efforts to shape and improve a comprehensive regulatory framework while prioritising security and stability.

The primary objectives of this working group include: Promoting the adoption and extensive use of digital assets in the MENA region. Advocating for transparent regulatory standards. Enhancing collaboration and knowledge sharing among industry leaders. Establishing security and integrity standards for digital assets. Educating stakeholders on the multifaceted nature of digital assets. Accelerating the evolution of tech talent and knowledge dissemination. Representatives from the MENA Fintech Association cited by Zawya expressed their support for the Digital Assets Working Group's establishment, emphasising the importance of innovative and responsible digital asset regulation in shaping the financial landscape across MENA. Representatives from Circle underlined the group's commitment to responsible innovation and a regulatory framework that supports the dynamic digital asset landscape, while another one of the group's co-chairs highlighted the endeavour's goal of fostering the responsible growth and adoption of digital assets in finance.

Other developments from the MENA Fintech Association The association has partnered with companies such as Fuze, Circle, Binance, Meta, ADGM, DIFC, and other important entities in the realms of regulation, innovation, academia, legal firms, and venture capital, which reflects a commitment to industry collaboration and progress. In February 2023, MENA Fintech Association partnered with Binance to support the growth and innovation of the fintech industry in the MENA region. The partnership between these two entities will promote a series of initiatives to drive the industry forward and promote innovation.

Cryptocurrency exchange Binance will ensure expertise and resources to the partnership while the Mena Fintech Association will share its knowledge of the local fintech market while making its network of industry connections available. Mena Fintech Association representatives cited by ibsintelligence.com expressed their hope of seeing a positive impact as a result of the partnership. .