Abu Dhabi calls for feedback on proposed legal framework for decentralized economy: CoinDesk

The United Arab Emirates’ registration authority of Abu Dhabi Global Market is seeking feedback on its proposed legislative framework for distributed ledger technology (DLT), which will focus on disclosures, liquidation, and governance structures, according to a report by CoinDesk.

See related article: United Arab Emirates opens licensing applications for cryptocurrency companies

Fast facts

• Its proposed consultation paper titled “DLT Foundations Regulations 2023” aims to establish a legislative framework that involves features that might be attractive to DLT developers.
• The proposed regulations also include reporting, disclosures, publication, insolvency, and liquidation measures, and are limited to tackling matters of service type and governance.
• The paper “is of interest to any persons operating or planning DLT projects, persons engaging in digital asset related activities and their legal advisors, as well as DLT industry participants, associations, and stakeholders.”
• The UAE has been working to establish regulations to attract blockchain and crypto firms to the Middle East, with Dubai enacting a crypto regulatory framework earlier this year and the UAE introducing federal licensing requirements for virtual asset service providers last week.
• The deadline for providing comments on the proposed framework is May 12.

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