Solana Foundation has signed an MOU (memorandum of understanding) with the Dubai-based regulatory authority, Virtual Assets Regulatory Authority, as per an X post by Solana’s official account.
“Solana Foundation just signed an MOU with VARA, Dubai’s Virtual Assets Regulatory Authority. It sets the stage for deep collaboration between crypto builders and regulators,” read the X post.
The post states that such a collaboration creates a platform for deep collaboration between crypto builders and regulators and is expected to lead to talent development programs; sharing of economic impact and sector data; workshops and advisory sessions for founders; and support for a Solana Economic Zone in Dubai.
Multiple users responded positively to this update.
“Way to go Solana Foundation,” replied Bloñdy to the original thread.
“Dubai’s commitment to crypto is undeniable. This partnership with VARA shows Solana’s strategic focus on building real-world bridges and fostering collaboration with forward-thinking regulators. Smart move for the future of Web3,” said Mincho.
This update comes amid a flurry of activity in the emirate, with multiple collaborations and integrations of cryptocurrencies into Dubai’s financial sector.
Other popular Altcoins are also expanding operations into the emirate. For instance, Ripple’s stablecoin RLUSD is now allowed to be used in DIFC (Dubai International Financial Centre) on a B2B basis with green light approval from the DFSA (Dubai Financial Services Authority). This update came days after Ripple announced two Dubai-based clients who would be leveraging blockchain-based payments through Ripple.
