The Abu Dhabi Global Market (ADGM) has partnered with the Solana Foundation to advance distributed ledger technology (DLT) within its regulatory framework, marking a significant step in promoting blockchain innovation in the region.
Abu Dhabi Global Market (ADGM) has entered into a strategic partnership with the Solana Foundation aimed at enhancing the development of distributed ledger technology (DLT) within the ADGM regulatory framework. This collaboration is part of ADGM’s broader initiative to become a leading hub for technology-driven financial services. The DLT Foundations Regulations introduced by the ADGM are billed as the world’s first regulatory framework specifically designed for blockchain foundations, Web3 entities and Decentralized Autonomous Organizations (DAOs).
This partnership is expected to leverage Solana’s innovative blockchain technology and ADGM’s regulatory expertise to further the adoption and development of blockchain and DLT solutions in the region. The Solana Foundation CEO expressed optimism about the partnership’s potential to attract talent and innovation to Abu Dhabi and the wider Middle East, highlighting the region’s attractiveness for fintech, gaming, decentralized finance (DeFi) and the creator economy. The collaboration is also seen as a significant step in ensuring the sustainable development of blockchain technology through regulation and compliance.
ADGM has been proactive in adopting and regulating digital assets and blockchain technology, introducing cryptocurrency regulations in 2018. The financial center has seen rapid growth with significant investments in the blockchain and digital asset sectors, including the launch of the Hub71+ Digital Assets initiative and the Bridgetower crypto platform Middle East. The partnership with Solana is expected to support this growth by contributing to the development of the blockchain ecosystem in Abu Dhabi and beyond.
The MOU between ADGM and the Solana Foundation marks a pivotal moment in the advancement of blockchain technology in the Middle East, promising to open up new opportunities for innovation and growth within ADGM’s regulatory framework.
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