The Abu Dhabi Global Market (ADGM) has signed a Memorandum of Understanding (MOU) with the Solana Foundation to drive the adoption of Distributed Ledger Technology (DLT) solutions and propel blockchain innovation, according to a Feb. 7 press release.
The announcement comes on the heels of ADGM’s pioneering introduction of the DLT Foundations Regulations, a global first regulatory framework crafted specifically for Blockchain Foundations and Decentralised Autonomous Organisations.
The UAE has been a frontrunner in blockchain legislation and adoption over the past decade and is one of the few jurisdictions with a comprehensive regulatory framework for the industry. The deal aligns with ADGM’s ambition to establish itself as a global hub for technology-driven financial services.
Driving growth
The partnership aims to broaden ADGM’s blockchain and Web3 ecosystem in Abu Dhabi by exploring joint initiatives and projects. The collaboration is designed to stimulate industry engagement and feedback, essential for developing regulatory frameworks and promoting Abu Dhabi’s blockchain and Web3 ecosystem.
Hamad Al Mazrouei, CEO of ADGM Registration Authority, expressed his enthusiasm about the partnership, calling it a significant milestone in reinforcing ADGM’s position as a leader in the blockchain industry. He added:
“This collaboration with the Solana Foundation is a testament to the effectiveness of our DLT Foundations Framework and our dedication to the growth and development of the blockchain sector.”
Al Mazrouei further highlighted the partnership’s role in pioneering future technologies and enhancing blockchain knowledge by emphasizing regulation and compliance.
UAE’s Web3 ambitions
The UAE has rapidly become a global nexus for blockchain technology innovation and adoption, a trend that Lily Liu, President of the Solana Foundation, sees as an opportunity for further growth. She stated:
“Our collaboration with ADGM is a monumental step in advancing blockchain adoption across the region and supports the Solana Foundation’s mission to foster innovation, security, and widespread network use in the Middle East.”
ADGM, recognized for its innovative approach as an International Financial Centre, remains committed to fostering technological innovation and promoting the expansion of cryptocurrency initiatives within the digital asset industry. This partnership further strengthens ADGM’s blockchain offerings and its strategic vision of becoming a technology-driven financial hub.
The partnership marks another significant step in the UAE’s broader strategy to embrace blockchain technology, following ADGM’s prior licensing of the first DLT Foundation with IOTA and the Solana Foundation’s collaboration with Dubai’s DMCC as an official ecosystem partner.