The Abu Dhabi Global Market (ADGM) has signed a Memorandum of Understanding (MOU) with the Solana Foundation to drive the adoption of Distributed Ledger Expertise (DLT) options and propel blockchain innovation, in accordance to a Feb. 7 press release.
The announcement comes on the heels of ADGM’s pioneering introduction of the DLT Foundations Laws, a world first regulatory framework crafted particularly for Blockchain Foundations and Decentralised Autonomous Organisations.
The UAE has been a frontrunner in blockchain laws and adoption over the previous decade and is likely one of the few jurisdictions with a complete regulatory framework for the trade. The deal aligns with ADGM’s ambition to set up itself as a world hub for technology-driven monetary providers.
Driving development
The partnership goals to broaden ADGM’s blockchain and Web3 ecosystem in Abu Dhabi by exploring joint initiatives and tasks. The collaboration is designed to stimulate trade engagement and suggestions, important for growing regulatory frameworks and selling Abu Dhabi’s blockchain and Web3 ecosystem.
Hamad Al Mazrouei, CEO of ADGM Registration Authority, expressed his enthusiasm in regards to the partnership, calling it a big milestone in reinforcing ADGM’s place as a pacesetter in the blockchain trade. He added:
“This collaboration with the Solana Foundation is a testomony to the effectiveness of our DLT Foundations Framework and our dedication to the expansion and improvement of the blockchain sector.”
Al Mazrouei additional highlighted the partnership’s function in pioneering future applied sciences and enhancing blockchain information by emphasizing regulation and compliance.
UAE’s Web3 ambitions
The UAE has quickly develop into a world nexus for blockchain expertise innovation and adoption, a development that Lily Liu, President of the Solana Foundation, sees as a chance for additional development. She said:
“Our collaboration with ADGM is a monumental step in advancing blockchain adoption throughout the area and helps the Solana Foundation’s mission to foster innovation, safety, and widespread community use in the Center East.”
ADGM, acknowledged for its progressive strategy as an Worldwide Monetary Centre, stays dedicated to fostering technological innovation and selling the growth of cryptocurrency initiatives throughout the digital asset trade. This partnership additional strengthens ADGM’s blockchain choices and its strategic imaginative and prescient of turning into a technology-driven monetary hub.
The partnership marks one other important step in the UAE’s broader technique to embrace blockchain expertise, following ADGM’s prior licensing of the primary DLT Foundation with IOTA and the Solana Foundation’s collaboration with Dubai’s DMCC as an official ecosystem associate.