Solana Foundation partners with UAE Abu Dhabi to advance blockchain innovation and regulation

9 months ago 69

Exploring joint projects with Abu Dhabi authorities

Solana Foundation announced on the 8th that it has signed a memorandum of understanding (MOU) for collaboration with Abu Dhabi Global Market (ADGM), an international financial center in the United Arab Emirates (UAE). The focus will be on strengthening distributed ledger technology (DLT) solutions and driving blockchain innovation.

ADGM and Solana Foundation will work together to explore opportunities for joint initiatives and projects related to developing an ecosystem of blockchain companies.

Exciting news! #ADGM and @solana Foundation signed an MoU to enhance the #Solana Blockchain ecosystem, focusing on education, ecosystem development in #AbuDhabiand shaping regulatory approaches.
This collaboration underscores ADGM's commitment to regulatory certainty in the… pic.twitter.com/CO8ELUmFr0

— Abu Dhabi Global Market (@ADGlobalMarket) February 8, 2024

The two companies also expect to collaborate in shaping regulatory approaches. ADGM also said that the partnership underlines the Abu Dhabi authorities' commitment to regulatory clarity in the blockchain space.

The Solana Foundation, which supports the high-speed L1 blockchain Solana (SOL), also entered into a partnership with the Crypto Center in Dubai's free trade zone DMCC last October.

connection: Solana Foundation partners with Dubai Free Trade Zone to support virtual currency companies, etc.

Abu Dhabi attracts and develops virtual currency companies

Hamad Al Mazrouei, CEO of ADGM Registry, said that the partnership with Solana Foundation is “an important milestone in strengthening ADGM's leadership in the blockchain field.”

We partner with Solana to pioneer the future of technology. He emphasizes the importance of regulation and compliance in ensuring robust and sustainable technology development, and looks forward to further increasing the level of knowledge in the blockchain field.

Solana Foundation President Lily Liu commented:

The UAE is emerging as a global hub for innovation and blockchain technology adoption.

Working closely with ADGM is an important step forward in the advancement of blockchain adoption across the region. It also advances the Solana Foundation's goal of fostering innovation, security and widespread adoption of the Solana network in the Middle East.

The Abu Dhabi Global Market (ADGM) is in the process of creating an attractive environment for businesses by introducing a comprehensive crypto asset (virtual currency) regulatory framework in 2018.

One example of a company expanding into the market is Marathon Digital Holdings, a major U.S. cryptocurrency mining company listed on Nasdaq, which launched a large-scale Bitcoin (BTC) mining facility in a joint venture in Abu Dhabi last year.

connection: U.S.-listed mining company Marathon's Bitcoin production drops 9% month-on-month due to Texas heat wave

Last year, the Abu Dhabi authorities announced that they would create a project called “Hub71+ Digital Assets” specializing in the promotion of Web3, such as blockchain and the Metaverse, and would invest more than 270 billion yen in capital to support startups.

connection: UAE Abu Dhabi to invest 270 billion yen to support Web3 startups

What is Web3?

The current centralized web is defined as Web2, and refers to an attempt to realize a decentralized network using blockchain, etc. Typical features include use cases for decentralized networks such as blockchain, such as accessing dApps using virtual currency wallets.

Virtual currency glossary