A strategic partnership for the future of blockchain
The world of blockchain and web3 is constantly evolving, with innovations and partnerships shaping the future of the technology. A recent announcement highlights a major development in this field: the Abu Dhabi Global Market (ADGM) has partnered with the Solana Foundation with the aim of boosting the adoption of Distributed Ledger Technology (DLT) solutions and propelling blockchain innovation in the UAE.
This collaboration comes on the heels of ADGM’s pioneering introduction of DLT Foundations regulations, a global regulatory framework designed specifically for Blockchain foundations and decentralized autonomous organizations. The UAE, renowned for its pioneering blockchain legislation and adoption of the technology over the past decade, is positioning itself as a leading jurisdiction with a comprehensive regulatory framework for the industry.
A shared ambition for growth
The aim of this partnership is to expand ADGM’s blockchain and Web3 ecosystem in Abu Dhabi by exploring joint initiatives and projects. This collaboration aims to stimulate industry engagement and feedback, essential for the development of regulatory frameworks and the promotion of Abu Dhabi’s blockchain and Web3 ecosystem.
Hamad Al Mazrouei, CEO of the ADGM Registration Authority, expressed his enthusiasm for the partnership, calling it a significant milestone in strengthening ADGM’s position as a leader in the blockchain industry. He emphasized that this collaboration with the Solana Foundation is a testament to the effectiveness of ADGM’s DLT Foundations framework and its commitment to the growth and development of the blockchain sector.
Web3 ambitions in the United Arab Emirates
The UAE has rapidly established itself as a global hub for innovation and adoption of blockchain technology, a trend that Lily Liu, President of the Solana Foundation, sees as an opportunity for further growth. She said the collaboration with ADGM represents a monumental step in advancing blockchain adoption in 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 hub, 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.
This collaboration marks another significant step in the UAE’s broader strategy to embrace blockchain technology, following ADGM’s pre-licensing of the first DLT Foundation with IOTA and the Solana Foundation’s collaboration with Dubai’s DMCC as an official ecosystem partner.
