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Abu Dhabi’s International Business Center announced Tuesday that it will introduce blockchain technology into its legal system.
This Abu Dhabi Global Market Court Said that it will start to ensure business judgment through blockchain technology. Those judgments will be immediately available through the court’s digital system, meaning entities will no longer have to wait for a judge’s certified copy, according to a release.
A court official told The National that the system would be Q1 2023.
What does it mean: Abu Dhabi Global Market is an international business community independent legal system Local company from Abu Dhabi. For example, companies in the market can maintain 100% foreign ownership, while companies in Abu Dhabi must have at least 51% local ownership. The market therefore has its own courts, based on English common law.
This Dubai International Financial Center is a similar system for the city of the same name.
business judgment Essentially a financial assessment and adjudication.A case at the Abu Dhabi Global Markets Court from today concerns a dispute between shareholders of a company Car-sharing startup Ekar.
Blockchain is a form of encryption covering records. It is considered a secure way of securing digital assets and is used in cryptocurrencies.
Why it matters: The move is one of a handful of ongoing financial modernization efforts in the United Arab Emirates.For example, the UAE announced earlier this year that they would also launch the first-ever business tax Starting in 2023.
The UAE is emerging as a growing cryptocurrency market.Last month, the Dubai-based cryptocurrency platform BitOasis Announces Cryptocurrency Payment Card.
understand more: Saudi Arabia is also interested in blockchain. in February, Saudi Aramco announces $1 billion investment Future technology, mainly blockchain.
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