ADGM unveils 2023 DLT Regulations, supporting token issuance and providing a framework for DLT Foundations and DAOs in the blockchain sector.
The Distributed Ledger Technology (DLT) Foundations Regulations 2023 have been formally released by the Registration Authority (RA) of Abu Dhabi Global Market (ADGM), which is a noteworthy development in the evolution of digital asset legal frameworks in the region and globally.
A thorough framework for DLT Foundations and Decentralised Autonomous Organisations (DAOs) is provided under the recently passed Abu Dhabi Global Market Distributed Ledger Technology (DLT) Foundations Regulations 2023. This should allow them to function and issue tokens while taking into account the particular requirements of the Blockchain sector. This new system is consistent with ADGM’s plan to support projects in the larger space of digital assets and blockchain.
This regulatory framework, which is the first of its type in the world, sets a global standard and is appropriate for Blockchain Foundations, Web3 companies, DAOs, and traditional foundations looking to improve their operations using DLT.
ADGM’s DLT Foundations Regime recognises the industry’s demand for decentralisation while providing an efficient way to manage and advance governance through the use of technology. In order to improve the legislation and gather user feedback, the DLT industry participants held a public consultation prior to the passage of the regime.
Additionally, the new framework ought to solidify ADGM’s standing as a global leader in digital asset regulation.
Abu Dhabi: a preferred location?
Ahmed Jasim Al Zaabi, chairman of ADGM, added in his remarks about the framework’s introduction and adoption that “Abu Dhabi is rapidly emerging as the destination of choice for global players at the forefront of digital asset development.”
“The DLT Foundations Regime represents a revolutionary step forward and reaffirms ADGM’s dedication to a proactive approach based on extensive stakeholder collaboration and cross-industry dialogue.”
“The industry for digital assets is seeing positive transformation thanks to the new administration. Through the revolution of Web3 and blockchain technology, we are heading towards a future where global standards are established with increased efficiency and transparency.
The field of digital assets is now centred around digital ledger technology, which has advanced quickly in recent years. Leading IFC ADGM is still dedicated to promoting tech innovation and assisting with cryptocurrency projects.
