Abu Dhabi Global Market (ADGM) and Solana Foundation announced Wednesday an agreement to explore blockchain ecosystem development.

The collaboration aims to improve Distributed Ledger Technology solutions and drive forward blockchain innovation, a press release said.

“We are excited to partner with Solana to pioneer the future of technology, and further enhance the level of knowledge in the space of blockchain by emphasizing the value of regulation and compliance in ensuring robust and sustainable development,” said ADGM Registration Authority CEO Hamad Al Mazrouei.

Lily Liu, president of the Solana Foundation, said Wednesday on X: “I spent the day with the @ADGlobalMarket leadership, and have come away with great optimism about their progressive, consultative approach to regulation.”

I spent the day with the @ADGlobalMarket leadership, and have come away with great optimism about their progressive, consultative approach to regulation.

I am excited to share that we are collaborating with Abu Dhabi Global Markets to support ecosystem teams in accessing the… pic.twitter.com/MZHEKOKtEm

— Lily Liu (@calilyliu) February 7, 2024

Abu Dhabi is becoming a notable center for crypto and blockchain enterprises. Its strategic location and government policies have drawn top crypto firms from across the globe.

Furthermore, the Abu Dhabi Global Market introduced a virtual platform in 2022 to link individuals with virtual asset firms, strengthening its status as a crypto hub.

Several crypto firms started operating in the UAE around this time to tap into the region’s ambitions as a crypto hub.

Abu Dhabi’s $2B Bet on Web3

Abu Dhabi, the largest emirate in the UAE, also launched a $2b initiative to support startups in Web3 and blockchain technology. The move demonstrates its dedication to nurturing the expansion of the crypto and blockchain sector in the area.

Last year, Abu Dhabi Global Market rolled out rules to make it easier for blockchain startups to set up shop in its international free trade zone. The aim is to attract investment and make local markets more competitive and efficient.

To set up a DLT foundation, founders must file a signed Charter to the Registrar and state that all corresponding laws and financial requirements have been fulfilled.

The capital’s neighbor Dubai has also enticed numerous crypto firms to its booming digital asset ecosystem. The hands-on approach of Dubai’s Virtual Asset Regulatory Authority sets a global example for regulator-industry cooperation.

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