The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has introduced the Distributed Ledger Technology (DLT) Foundations Regulations 2023, which represents a significant milestone in the regulation of digital assets both locally and internationally. This groundbreaking regime, announced recently, is specifically designed to address the unique legal requirements of Blockchain Foundations, Decentralised Autonomous Organisations (DAOs), and the broader crypto industry.
Embracing Blockchain and Digital Asset Initiatives
The establishment of this new regime is a testament to ADGM’s commitment to nurturing blockchain and digital asset initiatives. It aims to create a transparent and efficient future for the blockchain and Web3 landscapes. As the world’s first regime of its kind, the DLT Foundations Regulations 2023 sets a global benchmark and serves as a model for other regions.
A Robust Framework for DLT Foundations and DAOs
The legislation provides a comprehensive framework for DLT Foundations and DAOs, facilitating their operations and token issuance while recognizing the unique needs of the blockchain industry. ADGM’s foresight in anticipating the industry’s shift towards decentralized governance is evident. Furthermore, this regime is also suitable for traditional Foundations looking to enhance their operations through DLT, offering a unified solution for digital asset-related activities.
ADGM’s Proactive Approach
His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, emphasized that the DLT Foundations Regime signifies ADGM’s proactive approach, driven by extensive cross-industry dialogue and collaboration with stakeholders. This initiative reshapes the blockchain and Web3 landscape, propelling the industry towards a future defined by global benchmarks, transparency, and efficiency. The public consultation process preceding the enactment of the regime incorporated valuable insights from participants in the DLT industry, contributing to the refinement of the regulations.
Promoting Technological Innovation
The rapid development of Digital Ledger Technology has positioned it as a key component of the global digital assets sector. ADGM, as a prominent International Financial Centre (IFC), continues to champion technological innovation and create an environment that nurtures crypto initiatives.
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### News source: blockchain.news