Abu Dhabi, 24 November 2021 – Abu Dhabi Global Market and INATBA (International Association for Trusted Blockchain Applications) have signed an MoU launching a partnership to establish a chapter of INATBA in the MENA region and continue to foster public-private collaboration.
INATBA and ADGM have signed a Memorandum of Understanding to establish a partnership that will launch the development of INATBA in the Middle East North Africa region. ADGM will announce the new partnership at its signature event, Fintech Abu Dhabi 2021, held on 22-24 November.
Abu Dhabi Global Market promotes economic and financial sector growth through a world-class innovation centre. Established by United Arab Emirates Federal Decree, ADGM’s jurisdiction extends across Al Maryah Island. ADGM’s three independent authorities – the Registration Authority (RA), the Financial Services Regulatory Authority (FSRA) and ADGM Courts – ensure that the centre’s business-friendly environment operates in line with international best practices, recognised by major financial centres worldwide.
INATBA (International Association for Trusted Blockchain Applications) convenes industry stakeholders, start-ups, SMEs, policymakers, international organisations, regulators, civil society and standard-setting bodies to support blockchain and DLT to be mainstreamed and scaled-up across multiple sectors worldwide. INATBA promotes the usage of blockchain technology by developing transparent and trust-based global frameworks across relevant topics in DLT, including finance, social impact, standards and more.
In response to the signing of the MoU, Jumaa Al Hameli – Chief Strategy and Business Development Officer for ADGM, remarked: “We are proud to sign this new MoU with INATBA and bring more policy awareness around blockchain and crypto-asset topics to the region. We have seen INATBA’s work with the European Commission and European Parliament and are excited to establish similar relationships with regional regulatory bodies.”
INATBA Executive Director Marc Taverner added: “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.”
This memorandum intends to establish a mutually beneficial partnership between INATBA and ADGM by establishing INATBA’s presence in the region. ADGM will assist the trade association in establishing relationships with companies, regulators and government stakeholders in the UAE and across MENA. INATBA, in turn, will lead policy engagement on behalf of ADGM members in the region. INATBA’s flagship event, Convergence 2.0, is planned to take place in the United Arab Emirates in 2022.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world. ADGM’s strategy is anchored by Abu Dhabi’s key strengths, including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island, which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law.
INATBA is the leading convener in the global blockchain ecosystem, offering developers, companies, and users of blockchain/distributed ledger technology a forum to interact with regulators and policymakers and bring blockchain technology to its next stage. INATBA currently has 170+ active nonprofit and enterprise members and is advised by more than 40 academic institutions and 23 governmental organisations and agencies from 15 countries across Europe, North America, Africa, and Asia. INATBA often issues research and commentary on blockchain regulation and policy from its 14 workgroups spanning finance, governance, education, healthcare, identity, climate action, and more. The mission of INATBA is to develop transparent and inclusive governance and cooperation models for blockchain applications, to inform policy and regulatory measures that may contribute to harnessing the many opportunities of blockchain through a close dialogue with policy-makers and regulators, and promote regulatory convergence that drives potential impacts for society and the economy from these technologies. To learn more, visit www.o.inatba.org.