Editor ChoiceGovernmentMENA NewsPolicies & Regulations

ADGM Breaks New Ground with World’s First DLT Foundations Regime

The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has taken a monumental step in the evolution of digital asset regulatory frameworks by officially releasing the Distributed Ledger Technology (DLT) Foundations Regulations 2023.

This landmark legislative structure is designed to offer a comprehensive framework for DLT Foundations and decentralized autonomous organizations (DAOs), addressing the unique requirements of the blockchain industry.

The introduction of this groundbreaking regulatory framework aligns with ADGM’s broader strategy to promote initiatives in the blockchain and digital asset sector.

As the world’s first regulatory framework of its kind, it is tailored to serve blockchain foundations, Web3 entities, DAOs, and traditional foundations looking to enhance their operations through DLT.

This regulatory regime is poised to revolutionize the industry by providing a unified solution for digital asset-related activities and the broader foundations landscape, offering a path towards a more transparent and efficient future.

ADGM’s DLT Foundations Regime not only offers an effective means to organize and promote governance, but also recognizes the industry’s imperative need for decentralization. The enactment of this regulatory regime follows a public consultation involving participants from the DLT industry to gather feedback and refine the regulations. Consequently, this framework solidifies ADGM’s standing as a global pioneer in the regulation of digital assets.

Ahmed Jasim Al Zaabi, Chairman of ADGM, emphasized, “Abu Dhabi is rapidly emerging as the destination of choice for global players at the forefront of digital asset development. The introduction of the DLT Foundations Regime marks a revolutionary step forward, reinforcing ADGM’s commitment to a proactive approach rooted in extensive cross-industry dialogue and collaboration with various stakeholders. The new regime serves as a driving force for positive change in the digital assets sector. By transforming the blockchain and Web3 landscape, we are moving towards a future characterized by setting global benchmarks with enhanced transparency and efficiency.”

The rapid evolution of digital ledger technology in recent years has positioned it at the heart of the global digital asset sector. ADGM, as a leading International Financial Center (IFC), remains dedicated to championing technological innovation and supporting crypto initiatives.

Please note that this article has been edited, and certain content may have been removed or revised.

News Desk

UNLOCK Blockchain News Desk is fueled by a passionate team of young individuals deeply immersed in the world of Blockchain and Crypto. Our mission? To keep you, our loyal reader, on the cutting edge of industry news. Drop us a line at info(@)unlock-bc.com to connect with our team and stay ahead of the curve!

Related Articles

Back to top button