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ADGM Signs MoU With Hacken To Elevate Blockchain Security Standards

4 minutes

BREAKING: In one of the world’s first cases of collaboration between a regulator and security provider, Abu Dhabi Global Market (ADGM) has signed a Memorandum of Understanding with Hacken to collaboratively set new benchmarks for blockchain security and compliance.

This strategic partnership reflects a unique synergy between a regulatory body and a security auditor aimed at establishing a world-leading security assessment standard in the blockchain industry.

Highlights of the MoU include collaboration in the following areas:

  • Security and Compliance Standards Development.
  • Advanced DLT Foundation Monitoring Arrangements
  • Development of AI-Enhanced Monitoring Solutions

“At ADGM, we are committed to setting unprecedented global standards in regulatory compliance and security by harnessing the transformative power of blockchain and AI. Our partnership with Hacken exemplifies our innovative drive and dedication to excellence. By integrating AI-driven technologies, we are pioneering a model of regulatory excellence that enhances transparency, security, and trust across the digital landscape. This represents the next frontier in SupTech, and take pride in spearheading this evolution,” said Hamad Sayah Al Mazrouei, CEO of ADGM RA.

Dyma Budorin, Hacken Co-Founder & CEO, emphasized the significance of the collaboration: “We are incredibly grateful for the opportunity to support ADGM in this pioneering venture. Our experience in working with public sectors, such as our audits for the European Blockchain Services Infrastructure and our cooperation with government entities, provides a solid foundation for this partnership. Together, we are setting a new global standard for blockchain security and compliance.”

The UAE has swiftly emerged as a beacon of innovation and a global frontrunner in digital finance and technology. In 2021, the country launched the Emirates Blockchain Strategy to promote the use of blockchain and distributed ledger technology across public and private services. With favorable regulatory frameworks, the UAE is attracting a wave of digital companies and fostering a dynamic ecosystem for tech startups. Its status as a crypto hotspot, coupled with its advantageous geographic location, positions the UAE as a pivotal player in driving cryptocurrency adoption and blockchain innovation.

As an international financial center and free zone based in the UAE’s capital, ADGM aims to have top blockchain projects in its ecosystem that are compliant with the highest security and anti-fraud standards. The collaboration aims at upholding ADGM’s leadership in this domain.

Hacken, with its six years of cybersecurity experience, will strengthen security requirements for applicants seeking ADGM DLT Foundation licenses. According to the MoU, one of the key steps in which Hacken will support ADGM are as follows:

  • Hacken is to contribute to the development and refinement of security and reporting standards for the participants of the DLT Foundations Regulations. 
  • New review procedures are to be launched and implemented to ensure DLT Foundation applicants` and participants` adherence to the standards. 
  • To ensure continuous compliance with the requirements and procedural obligations, Hacken is to establish ongoing monitoring of licensed projects’ on-chain activities through Extractor’s real-time monitoring platform and bug bounty platform, HackenProof.

Under the MoU, ADGM’s Registration Authority (RA) will collaborate with Hacken on developing security standards and on-chain monitoring solutions in relation to ADGM’s DLT Foundations framework, positioning both organisations at the forefront of fostering a secure blockchain ecosystem. This collaboration not only highlights ADGM’s role in innovating regulatory frameworks but also Hacken’s commitment to advancing blockchain security globally.

About Abu Dhabi Global Market (ADGM)

Abu Dhabi Global Market (ADGM) is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21 October 2015. ADGM augments Abu Dhabi’s position as a leading financial centre and a business hub serving as a strategic link between the growing economies of the Middle East, Africa, South Asia, and the rest of the world.

Operating within an international regulatory framework based on the direct application of English Common Law, ADGM governs the entirety of Al Maryah Island and Al Reem Island collectively designated as the financial free zone of Abu Dhabi. 

ADGM is ranked as one of the most preferred and top-ranking IFCs in the Middle East and Africa region and named MENA’s largest Fintech hub. Its progressive and inclusive business ecosystem gravitates toward global financial and non-financial institutions whilst leveraging synergies between ADGM and multiple jurisdictions positioned as one of the world’s most advanced, diverse, and progressively governed financial hubs.

For more details on ADGM, please visit www.adgm.com or follow on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)

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