Abu Dhabi Global Market partners with Solana Foundation to drive web3 adoption in UAE

The Abu Dhabi Global Market (ADGM) has signed a Memorandum of Thought (MOU) with the Solana Foundation to drive the adoption of Distributed Ledger Expertise (DLT) suggestions and propel blockchain innovation, in step with a Feb. 7 press birth.

The announcement comes on the heels of ADGM’s pioneering introduction of the DLT Foundations Regulations, a world first regulatory framework crafted particularly for Blockchain Foundations and Decentralised Independent Organisations.

The UAE has been a frontrunner in blockchain legislation and adoption over the final decade and is one amongst the few jurisdictions with a complete regulatory framework for the enterprise. The deal aligns with ADGM’s ambition to establish itself as a world hub for technology-driven monetary companies and products.

Riding convey

The partnership objectives to expand ADGM’s blockchain and Web3 ecosystem in Abu Dhabi by exploring joint initiatives and projects. The collaboration is designed to stimulate enterprise engagement and feedback, principal for rising 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 most necessary milestone in reinforcing ADGM’s field as a trek-setter within the blockchain enterprise. 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 vogue of the blockchain sector.”

Al Mazrouei extra highlighted the partnership’s characteristic in pioneering future technologies and bettering blockchain knowledge by emphasizing regulation and compliance.

UAE’s Web3 ambitions

The UAE has swiftly turn out to be a world nexus for blockchain technology innovation and adoption, a vogue that Lily Liu, President of the Solana Foundation, sees as a possibility for added convey. She acknowledged:

“Our collaboration with ADGM is a huge step in advancing blockchain adoption across the establish and supports the Solana Foundation’s mission to foster innovation, safety, and in sort network consume within the Middle East.”

ADGM, known for its innovative system as an Worldwide Financial Centre, stays committed to fostering technological innovation and promoting the growth of cryptocurrency initiatives within the digital asset enterprise. This partnership extra strengthens ADGM’s blockchain offerings and its strategic imaginative and prescient of turning into a technology-driven monetary hub.

The partnership marks one other most necessary step within the UAE’s broader approach to comprise 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 legit ecosystem partner.