- Solana Foundation signed an MoU with Dubai’s Virtual Assets Regulatory Authority (VARA).
- The partnership aims to help Solana founders, develop talent, & back a Solana Economic Zone.
- SOL token price climbed ~4% to $162 following the partnership news on Tuesday.
The Solana Foundation has achieved another milestone in the push for wider blockchain and digital assets adoption. The Foundation announced today it has signed a Memorandum of Understanding (MoU) with Dubai’s Virtual Assets Regulatory Authority (VARA).
Partnership Set to Boost Solana Ecosystem in “Crypto-Forward” Dubai
According to the Solana Foundation, the recently signed agreement will allow Solana founders to plug directly into the palpable momentum of blockchain and digital assets development in Dubai. The Foundation acknowledged the region’s status as one of the most crypto-forward cities in the world.
In the meantime, the partnership between the Solana Foundation and VARA, Dubai’s foremost regulatory outfit, would enhance talent development programs in the blockchain industry. Both entities will collaborate and share economic impact and sector data while organizing workshops and advisory sessions for founders. The Foundation further noted that the collaboration will support a Solana Economic Zone in Dubai.
Related: Solana Foundation Attributes Project’s Growth to Developer Activities
Community Cheers “Strategic Move” for Solana Blockchain
Many crypto community members believe the Solana Foundation’s partnership with VARA is a step in the right direction for the Solana blockchain project.
They consider the move strategic, citing Dubai’s status as one of the fastest-moving blockchain and cryptocurrency hubs. Analysts believe the partnership will benefit both parties and crypto users in the region.
Getting to Know Dubai’s VARA: The Key Crypto Regulator
For anyone not familiar, VARA (Virtual Assets Regulatory Authority) is the main agency in charge of regulating and overseeing how virtual assets are offered, used, and traded both in and from the Emirate of Dubai.
Related: Dubai Makes Tokenizing Real Estate Official with DLD-VARA Partnership
VARA does its job by setting clear rules and guidelines, all part of a comprehensive virtual assets framework. Crypto entities operating in Dubai acquire the VARA license before the agency includes them in the Virtual Asset Service Providers (VASP) register.
SOL Price Gets a 4% Lift on Partnership News
The market definitely took notice of this announcement. Solana (SOL) jumped about 4% by Tuesday morning right after the Solana Foundation shared news of the partnership agreement.
The cryptocurrency rallied to $162, breaking above last weekend’s resistance before retracing slightly to trade for $160 at the time of writing.
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