Abu Dhabi Global Market Unveils New Regulations for Web3 Firms Abu Dhabi seeks to beef up its web3 landscape with new guidelines for blockchain-based firms as its crypto hub is projected to grow in the coming months.
The Abu Dhabi Global Market (ADGM)
announced new rules that create numerous blockchain foundations and how they operate within the jurisdiction including setting up of decentralized autonomous organizations (DAOs) and web3 groups. The rules will create a smooth system of ushering blockchain foundations in its international free trade zone to attract investment capital and boost the competitiveness and efficiency
of its local markets. Distributed ledger technology
(DLT) foundations like others in traditional systems provide technical and financial support for startups and smaller firms including offering key infrastructure in the region
without direct involvement. Ahmed Jasim Al Zaabi, the Chairman of ADGM explained that the latest development
is part of its ongoing web3 strategy to create efficiency. “By transforming the blockchain and Web3 landscape, we are moving towards a future characterized by setting global benchmarks with enhanced transparency and efficiency.”
