The Abu Dhabi Global Market (ADGM) Registration Authority has introduced comprehensive regulations governing Web3 organizations. These regulations, known as the Distributed Ledger Technology (DLT) Foundations Regulations, are the first of their kind and are designed specifically for the operation of blockchain foundations, Web3 entities, decentralized autonomous organizations (DAOs), and traditional foundations expanding into DLT. The regulations enable the creation of a “DLT Foundation” by submitting a signed charter that includes details about the foundation’s governance, token issuance, and initial assets. The foundation must also disclose the names of its key figures, although this information will not be made public. Additionally, the foundation must have a council of between two and 16 members for managerial and administrative purposes. It is important to note that a foundation will not be allowed to carry out activities licensable by the ADGM Financial Services Regulatory Authority. The regulations were made public on November 2nd and initial registration application fees will total $1,470. The ADGM, which opened in 2015, operates under English law and has been actively involved in regulating cryptocurrency since 2018. These new regulations are part of ADGM’s strategy to raise its profile in the blockchain and digital assets sphere. ADGM chairman Ahmed Jasim Al Zaabi stated that these regulations aim to transform the blockchain and Web3 landscape, setting global benchmarks for transparency and efficiency. In February, ADGM resident Hub71 launched a $2 billion project called Hub71+ Digital Assets to promote Web3 growth, with the involvement of First Abu Dhabi Bank. Abu Dhabi and the ADGM are also home to numerous other crypto service providers and foundations.
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 | None |
| Companies | ADGM Registration Authority, First Abu Dhabi Bank, ADGM Financial Services Regulatory Authority, Hub71, Web3 entities, DAOs, DLT Foundation |
| Currencies | None |
| Securities | None |
