IOTA

2024

Solana

Foundation

<p>In November 2023, the Registration Authority (RA) of Abu Dhabi Global Market (ADGM) took a monumental step in the evolution of digital asset regulatory frameworks by officially <a href="https://www.unlock-bc.com/111394/adgm-breaks-new-ground-with-worlds-first-dlt-foundations-regime/" class="ek-link">releasing </a>the Distributed Ledger Technology (DLT) Foundations Regulations 2023. This landmark legislative structure is designed to offer a comprehensive framework for DLT Foundations and decentralized autonomous organizations (DAOs), addressing the unique requirements of the blockchain industry.</p> 
<h2 class="wp-block-heading" id="h-adgm-ra-s-2024-2025-priorities">ADGM RA’s 2024 – 2025 Priorities</h2> 
<p>For the upcoming year, the ADGM RA has set a clear <a href="https://www.adgm.com/spotlight/ra-monitoring-enforcement-strategy-and-reg-priorities-2024-2025" class="ek-link">priority </a>to deliver effective oversight of distributed ledger technology (DLT) foundations. This focus is part of a broader strategy to promote innovation and compliance within the blockchain and digital asset sector. The RA aims to enhance the transparency and accountability of DLT foundations, ensuring they meet high standards of governance and operational excellence.</p> 
<p>The DLT Foundations Regulations 2023 provide a comprehensive framework tailored to the specific needs of the blockchain industry. This regulatory regime addresses the formation, registration, and operation of DLT Foundations and DAOs, setting the stage for enhanced oversight within the sector.</p> 
<h2 class="wp-block-heading" id="h-focus-on-distributed-ledger-technology-foundations">Focus on Distributed Ledger Technology Foundations</h2> 
<p>DLT Foundations, as defined by the regulations, are distinct legal entities formed to utilize, develop, support, or enable DLT or issue tokens. To ensure compliance, these foundations must undergo registration with the ADGM Registrar, meeting specific requirements such as having a compliant Charter, initial assets of at least USD 100,000, and a designated Guardian. They are also required to provide certain documents, including a White Paper, Tokenomics Paper, and potentially a DLT Framework. Once registered, DLT Foundations must maintain accurate accounting records, conduct annual audits, and submit specified information annually to the Registrar.</p> 
<p>The RA’s regulatory approach also includes prohibiting DLT Foundations from engaging in activities that require a Financial Services Permission. This measure ensures a secure and transparent environment for DLT-related activities. By focusing on these regulatory aspects, ADGM aims to foster a compliant and fair business environment, supporting its growth as a leading financial hub.</p> 
<h2 class="wp-block-heading" id="h-key-developments-iota-and-solana-foundations">Key Developments: IOTA and Solana Foundations</h2> 
<p>In a groundbreaking move by the end of 2023, ADGM has <a href="https://www.unlock-bc.com/113096/iota-100-million-dlt-adgm-foundation-blockchain-growth-middle-east/" class="ek-link">registered </a>the IOTA Foundation, marking it as the first blockchain-focused organization to receive regulatory approval in the region. The IOTA Ecosystem DLT Foundation, with a $100 million investment over four years, aims to accelerate the growth of distributed ledger technology in the Middle East. Dominik Schiener, co-founder and Chairman of IOTA, emphasized the importance of this initiative in positioning IOTA within the UAE’s rapidly evolving digital landscape.</p> 
<p>Additionally in February 2024, ADGM has entered into a Memorandum of Understanding (MOU) with the <a href="https://www.unlock-bc.com/117620/adgm-announces-partnership-with-solana-foundation-following-iota/" class="ek-link">Solana Foundation</a>, a non-profit organization dedicated to decentralization, adoption, and security on the Solana network. This partnership underscores ADGM’s commitment to fostering innovation and growth within its jurisdiction by leveraging the expertise and resources of prominent blockchain organizations like Solana.</p> 
<p>The RA’s regulatory priorities for 2024 highlight its commitment to maintaining a transparent and effective regulatory environment within ADGM. By emphasizing the oversight of DLT foundations, the RA supports the broader strategy of promoting blockchain and digital asset initiatives. The introduction of the DLT Foundations Regulations 2023, along with key developments such as the registration of the IOTA Foundation and the partnership with the Solana Foundation, positions ADGM as a global pioneer in the regulation of digital assets, fostering innovation, compliance, and transparency within the industry.</p> 
<p>The post <a href="https://www.unlock-bc.com/126234/adgm-ra-2024-dlt-foundations-oversight/">ADGM RA Prioritizes DLT Foundations Oversight in 2024 Regulatory Agenda</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.</p>

ADGM RA Prioritizes DLT Foundations Oversight in 2024 Regulatory Agenda

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