The Solana Foundation, a popular non-profit organization that focuses on enhancing decentralization, security, and adoption of Solana blockchain, has announced a new milestone. As per Solana, Solana Foundation has recently signed a Memorandum of Understanding (MOU) with the Virtual Assets Regulatory Authority (VARA) of Dubai, to boost blockchain ecosystem. The platform took to its official social media account on X to reveal this development.
Solana Foundation Signs MOU Agreement with Dubai’s VARA to Expand Blockchain Network
The MOU signed between Solana Foundation and VARA of Dubai aims to align blockchain innovation with public policy. The collaboration is poised to form a comprehensive bond between the crypto regulators and developers. This move will reportedly make Dubai a key hub for the overall blockchain advancement. The agreement comprises an outline of several mutual initiatives to improve the blockchain sector within the Dubai market and beyond.
With the creation of effective collaborative frameworks between the regulators and builders, the development is assisting in establishing a worldwide example for accelerating crypto regulation. The purpose of this endeavor is to enhance innovation, long-term value, and inclusivity in the blockchain sphere. The initiative includes several talent development projects, advisory and workshop sessions, and support for a Dubai-based Solana Economic Zone.
Driving Policy-Backed Blockchain Innovation in Dubai to Support Builders
According to Solana, Dubai has already become a widely recognized crypto-proponent city. Now, VARA is playing a crucial role in developing a thorough regulatory structure to back virtual assets. Hence, the agreement between VARA and Solana Foundation provides builders with efficient tools and regulatory support to progress further.
