Abu Dhabi, UAE, 23 April 2024 – Abu Dhabi Global Market (ADGM), the international financial centre of the UAE’s capital, and Hacken, a global leader in blockchain security auditing, have signed a Memorandum of Understanding (MoU) 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.
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.
⚡️ Unveiling unprecedented collaboration: Hacken signs with @ADGlobalMarket 🇦🇪 to enhance the DLT Foundations Regulations!
— Hacken🇺🇦 (@hackenclub) April 24, 2024
Together 🤝, we're boosting security standards and deploying advanced monitoring to ensure the quality of projects within the UAE's crypto landscape
💫… pic.twitter.com/9Oe4jj2Wno
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, Co-Founder and CEO of Hacken emphasized the significance of the collaboration stating, "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."
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 us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
For media queries please contact:
Simon Hailes
Managing Director Middle East
Edelman Smithfield
M: +971 50 973 1173
Kaja Mhisen
Corporate Communications, ADGM
Yana Verbytska
Communications, Hacken
About Hacken
Founded in 2017, Hacken has established itself as a formidable force in blockchain security, conducting over 1,500 audits for more than 1,000 clients. With a team comprising over 150 global talents, including 60+ certified engineers and 10 CCSSAs, Hacken remains at the forefront of blockchain security innovation.