ADGM Launches Pioneering DLT Foundations Regime
Jessie A Ellis Nov 03, 2023 10:43
Abu Dhabi Global Market's Registration Authority has introduced the Distributed Ledger Technology Foundations Regulations 2023, a global legislative framework designed to facilitate token issuance, promote governance, and drive transparency in the crypto sector.
The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has pioneered the unveiling of the Distributed Ledger Technology (DLT) Foundations Regulations 2023, marking a crucial phase in the regulatory evolution of digital assets both regionally and internationally. This innovative regime, revealed a day ago, is tailored to address the unique legal requisites of Blockchain Foundations, Decentralised Autonomous Organisations (DAOs), and the encompassing crypto industry.
The establishment of this new regime showcases a progressive milestone, aligning with ADGM’s strategy of nurturing broader blockchain and digital asset initiatives. It's aimed at fostering a transparent and efficient future across the blockchain and Web3 landscape. The DLT Foundations Regulations 2023 is perceived as a global benchmark being the world's inaugural of its kind, setting a precedent for other regions to follow suit.
The legislation is meticulously crafted to provide a robust framework for DLT Foundations and DAOs, facilitating their operation and token issuance while recognizing the distinct needs of the Blockchain industry. It’s a testament to ADGM's foresight in anticipating the industry's trajectory towards a more decentralized governance structure. This regime is also deemed suitable for traditional Foundations aspiring to augment their operations via DLT, thereby offering a unified solution for digital asset-related activities.
His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, accentuated that the DLT Foundations Regime is a monumental stride, echoing ADGM's proactive approach ingrained in extensive cross-industry dialogue and collaboration with multiple stakeholders. By reshaping the blockchain and Web3 landscape, this initiative propels the industry towards a future defined by global benchmarks with heightened transparency and efficiency. The public consultation preceding the regime’s enactment garnered valuable insights from DLT industry participants, which was instrumental in refining the regulations.
The rapid advancement of Digital Ledger Technology in recent years has positioned it as the linchpin of the global digital assets sector. ADGM, standing as a prominent International Financial Centre (IFC), continues to champion technological innovation, thereby fostering a conducive environment for crypto initiatives to thrive.
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