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The Abu Dhabi Global Market (ADGM) Registry is seeking feedback on its proposal legislative framework For Distributed Ledger Technology (DLT) targeting disclosure, clearing and governance structures.
ADGM is an international financial center within the United Arab Emirates (UAE), with Customized Licensing System Applicable to virtual asset service providers regulated by their financial regulators. The agency is not ADGM’s financial regulator, so the proposal is limited to addressing service types and governance issues.
The proposed “DLT Foundation Regulations 2023” aim to create a tailored legislative framework that considers “characteristics of foundations that may be attractive to developers of DLT projects,” including decentralized autonomous organizations (DAOs) – A governance structure suitable for decentralized initiatives.
proposal also cover Reporting, disclosure and publication, and insolvency and liquidation measures.
“This consultation paper is applicable to anyone operating or planning a DLT project, those engaged in digital asset-related activities and their legal advisors, as well as DLT industry players, associations and stakeholders,” the document said.
The deadline for comments on the proposed framework is 12 May.
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