April

Dubai

UAE’s thriving emirate, Abu Dhabi, has finally gone ahead with introducing aregulatory framework for decentralized autonomous organizations (DAOs) to operate legally. This historic event is the Middle East’s first significant push towards regulating DAOs. It has shattered the conventional legal gray area DAO’s once resided in the sector 
Distributed ledger technology (<a href="https://news.todayq.com/us-government-body-to-explore-blockchain-technology-for-small-business-ledgers/" rel="noopener noreferrer nofollow">DLT</a>) is central to this regulatory shift and is the backbone of blockchain networks. DLT ensures data accuracy and security by recording and storing information on a network of interconnected ledgers.&nbsp; A change in Abu Dhabi’s Crypto landscape 
The Registration Authority of Abu Dhabi Global Market (ADGM) proudly announced the dawn of this transformative era. They stressed on the immediate effectiveness of the newly launched framework.&nbsp;
It will allow DAOs to issue tokens to their members. This will provide newfound legitimacy to such entities that have long operated in the digital shadows.
This regulatory move is part of <a href="https://news.todayq.com/uae-wants-to-embrace-crypto-working-on-friendly-policies/" rel="noopener noreferrer nofollow">Abu Dhabi’s broader vision </a>to foster blockchain and digital asset investment. It wants to tag along with Dubai to become a leading crypto hub within the UAE.
By transforming the blockchain and Web3 landscape, we are moving towards a future characterized by setting global benchmarks with enhanced transparency and efficiencyADGM Chairman Ahmed Jasim Al Zaabi A backstory of this legislation 
The ADGM’s Registration Authority proposed the “<a href="https://news.todayq.com/abu-dhabi-authority-proposes-a-legislative-framework-for-dlt-to-attract-crypto-firms-in-the-uae/" rel="noopener noreferrer nofollow">DLT Foundations Regulations 2023</a>“ in April 2023. The legislation encompasses reporting, disclosures, publication, insolvency and liquidation measures. It offers a detailed solution for DLT and crypto firms in the UAE.
This latest endeavor by the ADGM underscores the emirate’s support and will for innovation and regulatory clarity for the crypto sector. It is a stark contrast to the many other countries of the world where they are still <a href="https://news.todayq.com/american-states-divided-over-crypto-regulation-bills/" rel="noopener noreferrer nofollow">indecisive of crypto policies</a>
© Todayq News

Abu Dhabi embraces DLT Framework for DAOs, Web3, and TradFi firms

Todayq News

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