Abu Dhabi Global Market and the International Association for Trusted Blockchain Applications have signed a preliminary agreement to establish a chapter of Inatba, a global blockchain body, in the Middle East and North Africa to foster collaboration between the public and private sectors.
Under the agreement, signed at FinTech Abu Dhabi, ADGM will help the trade association to establish relationships with companies, regulators and government stakeholders in the UAE and the wider region. Brussels-based Inatba, in turn, will lead policy engagement on behalf of ADGM members.
Inatba’s flagship event, Convergence 2.0, is planned to take place in the UAE next year.
“We have seen Inatba’s work with the European Commission and European Parliament, and are excited to establish similar relationships with regional regulatory bodies,” Juma Al Hameli, chief strategy and business development officer of ADGM, said in a statement on Wednesday.
The UAE's adoption of blockchain, FinTech and crypto technologies is continuously growing, with Abu Dhabi implementing frameworks to help it become an attractive jurisdiction for companies in these sectors.
Innovation is a key part of the nation’s economic strategy in the midst of digital transformation. A study from PricewaterhouseCoopers shows that blockchain has the potential to boost global gross domestic product by about $1.76 trillion over the next decade.
“Abu Dhabi is a hub for innovation and financial development. This partnership will be instrumental in strengthening our role as global convener of the blockchain system and establishing new relationships with government bodies,” Marc Taverner, executive director of Inatba, said.
ADGM promotes economic and financial sector growth through a world-class innovation centre. Its four independent authorities – the ADGM Authority, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts – ensure that the centre’s business-friendly environment operates in line with international best practices, recognised by major financial centres worldwide.
At FinTech Abu Dhabi, ADGM’s chairman, Ahmed Al Zaabi, said it is introducing a number of new initiatives to boost its growth and attract more companies to the capital’s financial centre.
Inatba convenes industry stakeholders, start-ups, SMEs, policymakers, international organisations, regulators, civil society and standard-setting bodies to support blockchain and distributed ledger technology to be mainstreamed and scaled up in sectors worldwide.
It promotes the use of blockchain technology by developing transparent and trust-based global frameworks across relevant topics in DLT, including finance, social impact and standards.