Abu Dhabi, the capital of the United Arab Emirates, has taken action to legalize decentralized organizations such as DAO.
According to the statement made by Abu Dhabi Global Market (ADGM) decentralized autonomous organizations (DAO) And distributed ledger technology (DLT) A special legal framework was prepared for different organizations based on
Distributed ledger technology, which forms the basis of blockchain technology, enables data to be fragmented, encrypted and stored in decentralized networks.
DAOs before this in a legally uncertain area was working. Within the scope of the new framework that has been implemented from now on, DAOs, be able to operate legally and issue tokens.
As the cryptocurrency industry in the United Arab Emirates continues to grow and develop, Abu Dhabi is competing with Dubai to become a cryptocurrency hub.
ADGM President Ahmed Jasim Al Zaabi said in his statement: “This new regime will support the positive change of the digital asset sector.” said.