On Wednesday, ADGM and the Solana Foundation announced their intention to collaborate on blockchain ecosystem development.
The two organizations have joined forces to advance blockchain technology and enhance distributed ledger technology solutions, according to a news statement.
“We are thrilled to collaborate with Solana to lead the way in emerging technologies and to advance understanding in the blockchain space by highlighting the importance of regulation and compliance in guaranteeing strong and long-lasting growth,” stated ADGM Registration Authority CEO Hamad Al Mazrouei.
Lily Liu, president of the Solana Foundation, expressed her hope about AD Global Market’s innovative and participatory approach to regulation after spending the day with their leadership on Wednesday on X.
In the realm of cryptocurrency and blockchain, Abu Dhabi is quickly rising to prominence. The country’s favorable rules and advantageous location have attracted leading cryptocurrency companies from all over the world.
To further solidify its position as a crypto center, the Abu Dhabi Global Market launched a virtual portal in 2022 to connect people with virtual asset enterprises.
In an effort to capitalise on the UAE’s aspirations to become a crypto center, a number of crypto businesses began functioning in the country during this period.
Another United Arab Emirates emirate that has created a $2 billion program to support Web3 and blockchain companies is Abu Dhabi. Its commitment to fostering the growth of the crypto and blockchain industries in the region is evident in this decision.
The Abu Dhabi Global Market facilitated the establishment of blockchain businesses in its international free trade zone last year by releasing regulations that made the process simpler. The goal is to improve the efficiency and competitiveness of local markets in order to entice investment.
Founders must attest that all applicable regulations and financial obligations have been satisfied before submitting a signed charter to the registrar in order to establish a DLT foundation.
Similar to the capital, Dubai’s thriving digital asset industry has attracted a number of crypto businesses. One international model for regulator-industry collaboration is the Virtual Asset Regulatory Authority in Dubai, which takes a practical approach.
Also Read: Thailand exempts cryptocurrency gains from value-added tax February 7, 2024
Wallets