To further distributed ledger technology development, Abu Dhabi Global Market (ADGM) and the Solana Foundation have inked a memorandum of agreement (DLT). The partners will look into potential development opportunities inside ADGM’s DLT Foundations Regulations, but they did not announce any concrete measures.
According to a statement issued by ADGM, the international financial center’s current projects would be expanded by ADGM and Solana. Hamad Al Mazrouei, CEO of the ADGM Registration Authority, stated:
“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 emphasising the value of regulation and compliance in ensuring robust and sustainable development.”
In November, the DLT Foundations Regulations were unveiled. At the time, ADGM asserted that they constituted the world’s first “purpose-built” regulatory framework for decentralized autonomous organizations, Web3 entities, and blockchain foundations.
ADGM, an international financial hub, follows English law and has its own legal system. It was established in 2015, and in 2018, it unveiled cryptocurrency legislation. It has been growing quickly. The $1 billion Venom Ventures Fund was established early last year by the local Venom Foundation and the ADGM investment management company Iceberg Capital.
With $2 billion in support, the Hub71+ Digital Assets initiative got underway in February 2022. Hut 71 of ADGM was designed to finance companies in Abu Dhabi, the Middle East, and other regions. Bridgetower Middle East, a $250 million cryptocurrency platform, launched on February 8.
Additionally, ADGM has granted multiple licenses to blockchain developer Iota, stablecoin issuer and digital asset service provider Paxos, blockchain startups Rain and M2, and Nomura Bank subsidiary Laser Digital.
Solana, too, has been improving. Lily Liu, CEO of the Solana Foundation, told Coinbrit:
“We seek attractive environments for innovators to build unique applications in fintech, gaming, DePIN, and the creator economy. […] We expect our partnership with ADGM will attract talent to Abu Dhabi, the UAE, and to the Middle East region more broadly.”
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
In recent months, Solana has had a sharp increase in public interest and a sharp rise in the number of its developers. On the Solana blockchain, the amount of transfers increased from $297 billion in December to over $300 billion in January. It was not so favorably affected by an outage on February 6.