Abu Dhabi Global Market (ADGM), the international financial centre in the capital of the UAE, has announced a memorandum of understanding (MOU) with the Solana Foundation. The non-profit organization promotes decentralization, adoption, and security on the Solana blockchain network.
The MOU position with ADGM’s vision is to become a hub for technology that enables financial services. This follows the introduction of ADGM’s pioneering distributed ledger technology (DLT) Foundations framework to regulate blockchain entities.
ADGM-Solana Partnership to Boost Blockchain Ecosystem
The collaboration will explore projects to grow Abu Dhabi’s blockchain ecosystem. ADGM has been actively enabling blockchain innovation through progressive regulations. Last year, it registered as the first company under the DLT framework.
Hamad Al Mazrouei, CEO of the ADGM Registration Authority, commented on the development, saying that it represented a climax in positioning ADGM as a competitor in encouraging the adoption of blockchain technology. He emphasized that sustainable ecosystem growth could be ensured by focusing on agreement.
The partnership also advances Solana Foundation’s goal of driving mainstream blockchain adoption in the Middle East. President Lily Liu stated that collaborating with ADGM considerably advances blockchain innovation in the UAE
Encouraging Industry Feedback to Evolve Regulatory Environment
A key motivation behind the link is to engage with the industry and gather feedback. observation from blockchain experts and enterprises will help further develop ADGM’s blockchain regulations. This is essential for unlocking the potential of crypto assets while protecting investors in the rapidly evolving digital finance landscape.
The recent collaboration builds on ADGM’s past achievements in assembling strategic alliances to make Abu Dhabi a Blockchain hub. Previously, IOTA was the first firm to get a DLT Foundation license from ADGM. The authority has also onboarded several leading crypto companies, including Kraken, Crypto.com, and FTX. At the same time, ADGM Academy trains UAE professionals on digital assets and decentralized finance.
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