Solana Foundation and Dubai’s Virtual Assets Regulatory Authority (VARA) have signed an MoU to establish the Dubai Solana Economic Zone.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
3 mins read
After signing a Memorandum of Understanding (MoU) with Dubai’s Virtual Assets Regulatory Authority (VARA), Solana Foundation is set to establish its economic zone in the region. Solana announced the new development on X, stating that it sets the stage for deep collaboration between builders and regulators in the crypto space.
As highlighted in the announcement, the collaboration between the Solana Foundation and VARA is focused on fostering teamwork between crypto stakeholders. Some activities to be hosted under the alliance are talent development training, workshops, and advisory sessions for founders.
Solana Foundation just signed an MOU with VARA, Dubai’s Virtual Assets Regulatory Authority. It sets the stage for deep collaboration between crypto builders and regulators:
> Talent development programs
> Sharing economic impact + sector data
> Workshops + advisory sessions for… pic.twitter.com/vFXCDqzkZx— Solana (@solana) June 3, 2025
They would also share details on the economic impact and industry trends, and assist the Dubai Solana Economic Zone. The VARA-Solana Foundation’s move reflects Dubai’s growing friendliness and increasing crypto adoption. It also marks a significant step towards reshaping global blockchain technology.
Such a deal can improve economic research, regulatory innovation, and talent development.
Dubai has shown some intense interest in leading Web3 governance and innovation. The City has demonstrated more receptiveness than other jurisdictions accused of stifling the crypto industry. A week ago, the Dubai Land Department (DLD) tapped the XRP Ledger (XRPL) as the blockchain infrastructure for its inaugural Real Estate Tokenization Project.
Similarly, SuiHub MENA and VARA recently teamed up to help shape the future of Web3 in Dubai. The focus is on supporting startups, developing local talent, and sharing insights to facilitate the growth of the virtual asset space in the region.
Solana SOL $152.6 24h volatility: 2.6% Market cap: $79.98 B Vol. 24h: $3.23 B price appears to react positively to the collaboration news. According to on-chain data from CoinMarketCap, the coin has registered an almost 2% increase in the last 24 hours. At the time of this writing, SOL price was pegged at $158.64, corresponding with a 1.71% daily rally and an 8.89% increase over the previous month.
Still, it is down 9.67% over the last seven days, about 5% in the fourteen-day period, and 4.8% since last June.
The coin’s drawdown is likely linked to the recent shortfall in Bitcoin BTC $104 816 24h volatility: 0.8% Market cap: $2.08 T Vol. 24h: $24.52 B price. After reaching an all-time high (ATH) of over $111,000 a few days ago, the firstborn digital currency is now trading at $104,946.04, 0.58% lower than its price level in 24 hours.
There are speculations that the correction in BTC price led to a market-wide dip, and SOL price seems to follow Bitcoin’s trajectory. While this may be the case, the declining action of Solana price this past year has caught many by surprise. In 2024, Solana ranked as one of the best-performing cryptocurrencies.
From falling to $9 when Bahamian-headquartered cryptocurrency exchange FTX imploded in 2022, SOL has recorded several ATHs. However, it has recently become difficult for the coin to surpass certain price thresholds. The coin may recover in the coming weeks, especially if Bitcoin picks up steam and community price in the VARA and other related ecosystem milestones.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
