Abu Dhabi free zone inks MOU with auditing firm for blockchain security, compliance standards

Abu Dhabi free zone has entered into a memorandum of understanding (MoU) with auditing firm Hacken to ensure strict compliance with industry standards in blockchain security. This collaboration aims to establish new on-chain monitoring solutions in line with global best practices, as the Abu Dhabi Global Market (ADGM) increasingly embraces blockchain and other emerging technologies. The focus will be on ADGM’s DLT Foundations framework, which provides guidance for service providers seeking licenses in the United Arab Emirates. Hacken will deploy its auditing standards to scrutinize applications from blockchain firms in the region, ensuring uniformity and compliance with regulatory requirements. Utilizing artificial intelligence tools, Hacken aims to enhance its compliance capabilities. The partnership reflects ADGM’s commitment to setting global standards in regulatory compliance and security through blockchain and AI. The ADGM has also expressed its ambition to become the leading Web3 hub in the Gulf, attracting investments and leveraging blockchain for legal processes in its courts.