WeMade sets up blockchain corporation in UAE

WeMade Co., South Korea's game developer and publisher and the issuer of cryptocurrency WeMix, set up WeMix MENA Ltd. in the United Arab Emirates (UAE) to promote its cryptocurrency business in the Middle East and North Africa, the company said on Monday.

According to company sources, countries in the Middle East are actively promoting digital innovation businesses with a blockchain-friendly attitude. They are taking bold measures to nurture blockchain technology-based business ecosystems and virtual asset services. 

In particular, Abu Dhabi, the capital of the UAE, has emerged as a test bed for global crypto companies hoping to move into the Middle East as it has taken blockchain-friendly policies such as the introduction of digital asset (virtual asset) regulations in 2018.

Since last year, large crypto exchanges and related companies, including Binance and Crypto.com, have entered the UAE. 

"We plan to establish more corporations in MENA such as Saudi Arabia and the UAE, in the future and seek various collaborations for blockchain businesses," a WeMade official said.

Write to Han-Gyeol Seon at always@hankyung.com