Abu Dhabi pioneers DLT regulation for DAOs, Web3 innovations

Abu Dhabi, the second-most populous emirate in the United Arab Emirates, has introduced a formal regulatory framework for decentralized autonomous organizations (DAOs) and other digital ledger entities as it doubles down on its ambition to be a leader in digital asset innovation within the Middle East.

The new framework

Abu Dhabi is actively competing to establish itself as a cryptocurrency hub, aligning with Dubai’s endeavors to embrace the digital assets sector. The regulatory framework in Abu Dhabi offers a valuable option for companies seeking clear and reliable regulations that can be distinct from regulations found in other parts of the world.

As previously reported by Cointelegraph, an economic free zone dedicated to digital and virtual asset service providers in emerging technologies such as the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens, DAOs, decentralized applications and other Web3-related businesses was recently inaugurated in Dubai.

Magazine: Crypto City: Guide to Dubai