Abu Dhabi Global Market Inks Cooperation Agreement with International Association for Trusted Blockchain Applications
International Association for Trusted Blockchain Applications (Inatba) and Abu Dhabi Global Market have inked a memorandum of understanding to set up a chapter of Inatba, a global blockchain organisation, in the Middle East and North Africa to promote mutual cooperation between the public and private sectors.
According to the agreement, which was inked at FinTech Abu Dhabi, ADGM will assist the trade organization in establishing partnerships with enterprises, regulators, and government stakeholders in the United Arab Emirates and the rest of the Middle East and Africa. Inatba, which is located in Brussels, will be in charge of policy involvement on behalf of ADGM members.
Convergence 2.0, the premier event of the Inatba, is scheduled to happen in the United Arab Emirates next year. On Wednesday, ADGM’s chief strategy and business development officer, Juma Al Hameli, stated that the company had been impressed by Inatba’s work with the European Commission and European Parliament. “We are thrilled to set up similar relationships with local regulatory authorities,” Al Hameli added.
The use of blockchain, FinTech, and cryptocurrency technologies in the United Arab Emirates is increasing all the time, with Abu Dhabi putting in place frameworks to assist it become a more lucrative jurisdiction for enterprises in these industries.
In the middle of the digital transition, innovation is a critical component of the nation’s economic strategy. According to a research conducted by PricewaterhouseCoopers, blockchain technology has the capability to increase global gross domestic product by around $1.76 trillion in the next ten years.
“Abu Dhabi is a global centre for financial innovation and growth. This alliance will be critical in enhancing our position as the worldwide facilitator of the blockchain system and in developing new ties with government agencies,” said Marc Taverner, executive director of the International Association for Blockchain Technology.
ADGM fosters economic and financial sector development via the establishment of a state of the art innovation centre. Each of the ADGM Authority’s four independent authorities – the Registration Authority, the Financial Services Regulatory Authority, and the ADGM Courts – oversees the center’s business-friendly ecosystem to guarantee that it functions in accordance with international best practices, which are recognized by major financial centres around the world.
ADGM’s chairman, Ahmed Al Zaabi, said at FinTech Abu Dhabi that the company is launching a series of unique initiatives to enhance its development and lure more enterprises to the capital’s financial centre.
Inatba brings together industry stakeholders, start-ups, SMEs, legislators, international bodies, regulatory agencies, civil society, and standard-setting agencies to facilitate the mainstreaming and scaling up of blockchain and distributed ledger technology across industries throughout the globe.
It encourages the application of blockchain technology by building open and trust-based worldwide infrastructures across critical areas in distributed ledger technology (DLT), such as finance, social effect, and standards, among other things.