Solana Foundation and Dubai’s VARA Partner to Launch Web3 Economic Zone and Nurture Blockchain Talent

Dubai has taken a major step forward in its digital asset ambitions through a newly signed Memorandum of Understanding (MoU) between the Solana Foundation and the Virtual Assets Regulatory Authority (VARA), announced on 3 June.

This strategic partnership focuses on developing blockchain talent, enhancing regulatory collaboration, and supporting the launch of the proposed Solana Economic Zone in Dubai—an initiative designed to embed Web3 into the city's broader economic vision.

At the heart of the MoU is a commitment to fostering deeper cooperation among crypto stakeholders.

The agreement outlines a series of joint initiatives, including specialised training programmes, technical workshops, and regulatory advisory sessions aimed at helping founders navigate Dubai’s licensing landscape.

Blockchain startups will gain access to tailored resources such as investor networking, compliance education, and direct engagement with policymakers—equipping them to scale responsibly within a regulated framework.

The Solana Economic Zone will offer founders and developers a dedicated environment to build and experiment, complete with access to VARA’s regulatory expertise and business advisory tools.

Additionally, the partnership includes plans to share anonymised economic data, enabling both parties to evaluate the impact of digital assets on employment and economic growth in the UAE.

These insights will inform regulatory innovation and strengthen Dubai’s role as a global hub for blockchain advancement.

This collaboration between Solana and VARA not only signals Dubai’s increasing embrace of crypto technologies but also sets a global precedent for how public-private partnerships can fuel innovation in digital finance.

Solana Teams Up with AIX and Interbix to Support Tokenised Public Offerings

The Solana Foundation has also entered into a significant agreement with Kazakhstan’s Astana International Exchange (AIX), Interbix, and Jupiter, marking a bold step toward bridging traditional finance and blockchain technology.

This newly signed MoU establishes a dual listing framework that merges conventional stock exchange infrastructure with tokenised securities built on Solana’s blockchain.

Under this framework, companies preparing to go public on AIX will have the option to issue tokenised shares simultaneously on Interbix.

Solana will provide the foundational blockchain infrastructure, while Jupiter will supply decentralised tools to manage the technical operations of the platform.

The goal is to seamlessly integrate digital assets into existing financial ecosystems—improving access to capital markets while maintaining compliance with regulatory standards.

AIX CEO Assel Mukazhanova emphasized that this initiative could unlock more efficient capital flows and support the integration of digital finance into established frameworks.

Interbix CEO Talgat Dossanov described the agreement as a milestone for capital formation, combining the transparency of blockchain with the credibility of regulated financial systems.

The partnership aims to offer a hybrid model that enhances investor participation by enabling more flexible, secure, and accessible methods of trading equities.

According to the Solana Foundation, this initiative is designed to meet the demands of a broader investor base, ensuring the system is not only scalable but also compliant with evolving global standards.

It represents a forward-looking approach to financial innovation, where decentralised tools enhance—not replace—traditional financial structures.

SOL Price in Recovery?

Solana’s price initially showed a modest uptick following news of its strategic partnerships.

According to CoinMarketCap’s on-chain data, SOL climbed nearly 2% to $158.64—marking a 1.71% daily gain and an 8.89% increase over the past month.

However, at the time of writing, the token has dipped to $156.21, reflecting a 2.01% drop in the past 24 hours and an 11.59% decline over the past week.

This pullback appears to be linked to Bitcoin’s recent downturn.

After hitting an all-time high of over $111,000, Bitcoin has since slipped to $105,652.63, down 0.54% in the last 24 hours.

Analysts speculate that the broader market correction triggered by Bitcoin’s price drop has impacted altcoins like Solana, which often mirrors BTC’s trajectory.

Despite the current slump, Solana’s broader performance remains notable.

Once trading as low as $9 during the 2022 collapse of FTX, the token surged throughout 2024 to reach several new all-time highs, positioning it as one of the year’s best-performing digital assets.

Still, breaking past certain resistance levels has recently proven challenging.

Looking ahead, Solana’s recovery may hinge on Bitcoin’s momentum and market enthusiasm around its recent milestones—including the VARA partnership and its expanding role in tokenised finance.

As investor sentiment stabilises, these developments could help SOL regain upward traction.