The ADGM’s new regulatory framework is the first of its kind in the world, it says. The free financial zone is already a hub of crypto activity.The Abu Dhabi Global Market Registration Authority has introduced comprehensive regulations governing Web3 organizations. The international financial free zone’s regulatory framework is “purpose-built” and the first of its kind, the agency claimed.
The regulations enable the creation of a “DLT Foundation” by submitting a signed charter that includes a description of the foundation’s initial assets and details about its governance and token issuance , along with the organization’s white paper, tokenomics paper and a link to a technical document called a DLT Framework.A foundation will be required to disclose the names of its key figures, which will not be made public. It must also have a name that ends with “DLT Foundation.
“By transforming the blockchain and Web3 landscape, we are moving towards a future characterised by setting global benchmarks with enhanced transparency and efficiency.”Hub71+ Digital Assets to encourage Web3 growth. First Abu Dhabi Bank was also involved in that initiative. Abu Dhabi and the ADGM are also home to numerousFrom payments to DeFi: A closer look at the evolving stablecoin ecosystem
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