The Emirate of Abu Dhabi has established a comprehensive regulatory framework for digital ledger technology, positioning itself as the second crypto hub in the UAE alongside Dubai. The Registration Authority of Abu Dhabi Global Market (ADGM) has released the Distributed Ledger Technology (DLT) Foundations Regulations 2023, which aim to provide regulatory clarity for the crypto industry. The new framework addresses the legal requirements of blockchain foundations, decentralized autonomous organizations (DAOs), and the broader crypto industry. It allows DAOs and other digital ledger entities to operate legally in Abu Dhabi and issue tokens to their members. This move demonstrates the UAE’s commitment to being at the forefront of digital innovation. Abu Dhabi is actively competing with Dubai to establish itself as a cryptocurrency hub, offering clear and reliable regulations for companies in the sector. The regulatory framework in Abu Dhabi is distinct from those found in other parts of the world and presents an attractive option for businesses in the digital assets space.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Ahmed Jasim Al Zaabi |
| Companies | DAOs, Web3 community, ADGM, Dubai |
| Currencies | None |
| Securities | None |
