8 months ago
The Abu Dhabi Global Market (ADGM) has signed a Memorandum of Understanding (MOU) with the Solana Foundation to thrust the adoption of Distributed Ledger Technology (DLT) solutions and propel blockchain innovation, according to a Feb. 7 press release.
The announcement comes connected the heels of ADGM’s pioneering instauration of the DLT Foundations Regulations, a planetary archetypal regulatory model crafted specifically for Blockchain Foundations and Decentralised Autonomous Organisations.
The UAE has been a frontrunner successful blockchain authorities and adoption implicit the past decennary and is 1 of the fewer jurisdictions with a broad regulatory model for the industry. The woody aligns with ADGM’s ambition to found itself arsenic a planetary hub for technology-driven fiscal services.
Driving growth
The concern aims to broaden ADGM’s blockchain and Web3 ecosystem successful Abu Dhabi by exploring associated initiatives and projects. The collaboration is designed to stimulate manufacture engagement and feedback, indispensable for processing regulatory frameworks and promoting Abu Dhabi’s blockchain and Web3 ecosystem.
Hamad Al Mazrouei, CEO of ADGM Registration Authority, expressed his enthusiasm astir the partnership, calling it a important milestone successful reinforcing ADGM’s presumption arsenic a person successful the blockchain industry. He added:
“This collaboration with the Solana Foundation is simply a testament to the effectiveness of our DLT Foundations Framework and our dedication to the maturation and improvement of the blockchain sector.”
Al Mazrouei further highlighted the partnership’s relation successful pioneering aboriginal technologies and enhancing blockchain cognition by emphasizing regularisation and compliance.
UAE’s Web3 ambitions
The UAE has rapidly go a planetary nexus for blockchain exertion innovation and adoption, a inclination that Lily Liu, President of the Solana Foundation, sees arsenic an accidental for further growth. She stated:
“Our collaboration with ADGM is simply a monumental measurement successful advancing blockchain adoption crossed the portion and supports the Solana Foundation’s ngo to foster innovation, security, and wide web usage successful the Middle East.”
ADGM, recognized for its innovative attack arsenic an International Financial Centre, remains committed to fostering technological innovation and promoting the enlargement of cryptocurrency initiatives wrong the integer plus industry. This concern further strengthens ADGM’s blockchain offerings and its strategical imaginativeness of becoming a technology-driven fiscal hub.
The concern marks different important measurement successful the UAE’s broader strategy to clasp blockchain technology, pursuing ADGM’s anterior licensing of the archetypal DLT Foundation with IOTA and the Solana Foundation’s collaboration with Dubai’s DMCC arsenic an authoritative ecosystem partner.
The station Abu Dhabi Global Market partners with Solana Foundation to thrust web3 adoption successful UAE appeared archetypal connected CryptoSlate.
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