The Abu Dhabi Global Market (ADGM) has signed a Memorandum of Understanding (MOU) with the Solana Foundation to drive the adoption of blockchain technologies.
MOU Signed
The collaboration between the ADGM and the Solana Foundation is geared toward fostering industry engagement and feedback, critical for the evolution of regulatory frameworks and the support of Abu Dhabi’s burgeoning blockchain and Web3 ecosystem. The Memorandum of Understanding between the two entities will initiate the process of developing Distributed Ledger Technology (DLT) solutions and propelling blockchain innovation, particularly within Abu Dhabi.
Pioneering Digital Technology Hub
ADGM, an International Financial Centre headquartered in Abu Dhabi, seeks to establish itself as a leading hub for technology-driven financial services. Recently, it introduced the DLT Foundations Regulations, a pioneering framework tailored for Blockchain Foundations and Decentralized Autonomous Organizations.
Hamad Al Mazrouei, CEO of ADGM Registration Authority, expressed his sentiments regarding the partnership with Solana Foundation, stating,
“Our strategic alliance with the Solana Foundation marks a key milestone in cementing ADGM’s leadership in the blockchain sector and represents a direct reflection of the effectiveness of our DLT Foundations Framework and our commitment to the growth and the development of the blockchain sector.”
He emphasized the importance of working with Solana to advance and enhance blockchain technology for sustainable development while upholding regulatory compliance.
Role Of Solana Foundation
The Solana Foundation, a non-profit organization dedicated to decentralization, adoption, and security on the Solana network, brings its substantial blockchain experience and expertise to this partnership.
Lily Liu, President of the Solana Foundation, highlighted the collaborative nature of the partnership, stating,
“The UAE has emerged as a global hub for innovation and adoption of blockchain technology. Working closely with ADGM is a significant step forward in the continued growth of blockchain adoption in the region as a whole and advances the Solana Foundation’s goal of fostering innovation, security, and widespread adoption on the Solana network in the Middle East.”
Advancing Innovation and Adoption
This collaboration is expected to target two birds with one stone. It not only advances the Solana Foundation’s objectives of fostering innovation and security but also contributes to the widespread adoption of the Solana network in the Middle East. By leveraging the expertise and resources of both entities, the partnership will drive significant advancements in blockchain technology, which, in turn, will facilitate blockchain integration into various sectors and promote sustainable development.
With a focus on regulatory evolution, industry engagement, and technological advancement, this partnership sets a solid foundation for the continued growth and development of the blockchain ecosystem in the Middle East.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/02/adgm-and-solana-foundation-join-forces-to-advance-blockchain-innovation-in-abu-dhabi