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Abu Dhabi's Financial Free Zone Proposes Legal Framework for Decentralized Economy

The Abu Dhabi Global Market's (ADGM) Registration Authority is seeking feedback on its proposed legislative framework for distributed ledger technology (DLT), targeting disclosures, liquidation, and governance structures. The proposed "DLT Foundations Regulations 2023" aims to set up a tailored legislative framework that considers "features of foundations that might be attractive to developers of DLT projects," which include decentralized autonomous organizations (DAO). The proposals also cover reporting, disclosures and publication, as well as insolvency and liquidation measures. The Abu Dhabi and Dubai emirates of the UAE have been working to establish regulations that could attract blockchain and crypto firms to the region. The deadline for providing comments on the proposed framework is May 12.

(By Sandali Handagama)

DAO Decentralized
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