The Abu Dhabi Global Market (ADGM) Registry is seeking feedback on its proposed legislative framework for distributed ledger technology (DLT), targeting disclosure, clearing and governance structures. ADGM, an international financial center within the United Arab Emirates (UAE), has developed a customized licensing regime for virtual asset service providers under the supervision of its financial regulator. 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 tailor-made legislative framework that considers “characteristics of foundations that may be attractive to developers of DLT projects,” including Decentralized Autonomous Organizations (DAOs) - A governance structure conducive to decentralized initiatives. The proposals also cover reporting, disclosure and publication, and insolvency and liquidation measures. At the same time, “this consultation paper is suitable for anyone operating or planning a DLT project, those engaged in digital asset-related activities and their legal advisors, as well as DLT industry participants, associations and stakeholders”. The deadline for comments on the proposed framework is May 12.
Miyuki
