The amended rules will apply to VASPs, banks, and designated non-financial businesses and professions while seeking to clarify the definition of digital assets and their use as a payment alternative.
The 'DLT Foundations Regulations 2023' enacted by the Abu Dhabi Global Market makes a provision for decentralized autonomous organizations, DLT and legacy foundations transitioning to Web3.
Ras Al Khaimah enters the digital assets trade zone competition with the launch of RAK Digital Assets Oasis, aiming to incubate blockchain, metaverse, and AI innovations backed by incentives for global investors.
Laser Digital has secured approval from Abu Dhabi Global Market to offer digital currency and traditional asset services, positioning itself as a key player in the region's thriving Web3 ecosystem.
First announced in January, the operation is a joint venture between Marathon and Zero Two, a Web3 company launched in 2022 by Abu Dhabi’s $160 billion sovereign fund ADQ.
The public consultation revolves around Abu Dhabi's intention to launch a blockchain framework, focusing on streamlining disclosures, governance structures, and liquidation measures.
Sygnum plans to expand into the Middle East have been in the works since October 2022, when the digital currency bank obtained approval from the ADGM to operate in the country.
Abu Dhabi sets its eyes on becoming a Web3 hub in the MENA region under its new project geared toward supporting local startups in developing and commercializing innovations in the tech space.
Kraken also laid off some employees in the MENA region and suspended AED but maintains that clients in the region will still have access to the platform.
Marathon partnered with FS Innovation on the project, which it estimates will produce 250 MW of energy as it strives to recover from a rough year for block reward miners.
Pivoting to distributed ledger technologies could change the face of legal proceedings in the country and the entire Gulf region, according to ADGM Courts CEO Linda Fitz-Alan.
The principles issued by the FSRA hint toward innovation in the digital asset sector, and on top of its list is to create a framework aligned with the practices of international financial services.
