Regulatory Alerts2023-04-11
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Consultation Paper No. 3 of 2023 - Proposal for a Legislative Framework for Distributed Ledger Technology Foundations
The Registration Authority of the Abu Dhabi Global Market proposes a standalone legislative framework for Distributed Ledger Technology (DLT) Foundations to address constraints in existing regulations. The proposal establishes a new entity type with separate legal personality, a minimum initial asset value of USD 25,000, and governance structures that recognize tokenholder voting rights and decentralized decision-making. Key requirements include mandatory transparency through published annual audited accounts, specific beneficial ownership disclosures, and the appointment of licensed company service providers for non-exempt foundations.
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