- Due to its status as a global financial hub, ADGM has its own judicial system.
- The partners are going to explore potential avenues for growth within the framework.
With the goal of promoting the growth of DLT, Abu Dhabi Global Market (ADGM) and the Solana Foundation have inked a memorandum of agreement. Although no concrete actions were announced, the partners are going to explore potential avenues for growth within the framework of ADGM’s DLT Foundations Regulations.
According to a statement made by ADGM, the international financial center’s current initiatives will be expanded in collaboration with 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.”
Global Financial Hub
It was in November when the DLT Foundations Regulations were unveiled. For blockchain foundations, Web3 entities, and decentralized autonomous organizations, ADGM said at the time that they were the first “purpose-built” regulatory framework globally.
Due to its status as a global financial hub, ADGM has its own judicial system and follows English law. Established in 2015, it legislated the cryptocurrency market in 2018. Its expansion has been rather quick. In early 2023, the Venom Foundation and Iceberg Capital, an ADGM investment management business, established the $1 billion Venom Ventures Fund.
Moreover, in February 2022, with an allocation of $2 billion, the Hub71+ Digital Assets program was established. Hut 71 of ADGM was supposed to lend money to companies all around the world, not only in Abu Dhabi and the Middle East. Binance, Rain, M2, Laser Digital, Paxos, and Iota are among the companies that ADGM has extended licenses to.
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