Abu Dhabi Global Market (ADGM) and Hacken, a renowned leader in blockchain security auditing, have formalized their collaboration through a Memorandum of Understanding (MoU). The primary objective of this partnership is to jointly establish new benchmarks for blockchain security and compliance, marking a significant milestone in the blockchain industry.
The memorandum underscores a distinctive synergy between a regulatory body and a security auditor, aimed at defining a world-leading security assessment standard for the blockchain sector.
According to the MoU, ADGM’s Registration Authority (RA) will engage in collaborative efforts with Hacken to formulate security standards and on-chain monitoring solutions within the framework of ADGM’s DLT Foundations framework. This strategic collaboration positions both entities as frontrunners in nurturing a secure blockchain ecosystem. It not only underscores ADGM’s pivotal role in pioneering regulatory frameworks but also underscores Hacken’s dedication to enhancing blockchain security on a global scale.
Key Collaborative Initiatives
Key initiatives outlined in the MoU include joint collaboration in:
- Development of Security and Compliance Standards
- Establishment of Advanced DLT Foundation Monitoring Arrangements
- Creation of AI-Enhanced Monitoring Solutions
Hamad Sayah Al Mazrouei, CEO of ADGM RA, expressed ADGM’s commitment to establishing unparalleled global standards in regulatory compliance and security by leveraging the transformative potential of blockchain and AI technologies. Al Mazrouei emphasized the partnership with Hacken as a testament to ADGM’s innovative spirit and unwavering pursuit of excellence. He highlighted the integration of AI-driven technologies as a pioneering approach to regulatory excellence, fostering transparency, security, and trust in the digital realm. Al Mazrouei asserted that this collaboration represents a pivotal advancement in Supervisory Technology (SupTech), positioning ADGM at the forefront of this evolutionary trend.
Dyma Budorin, Co-Founder and CEO of Hacken, conveyed gratitude for the opportunity to support ADGM in this groundbreaking initiative. Budorin highlighted Hacken’s extensive experience in collaborating with public sectors, citing their audits for the European Blockchain Services Infrastructure and collaborations with government entities as testament to their expertise. Together, Budorin affirmed, ADGM and Hacken are forging a new global standard for blockchain security and compliance, setting a precedent for the industry.
Through this strategic alliance, ADGM and Hacken aim to not only elevate the standards of blockchain security and compliance but also to foster innovation and trust within the global blockchain ecosystem. The partnership signifies a proactive approach towards addressing the evolving challenges of cybersecurity and regulatory compliance in the digital age, paving the way for a safer and more resilient blockchain infrastructure globally.