Photo: Hermione Harrison, Director, and Head of Corporate Governance MHQ
M/HQ, the UAE’s leading private wealth optimization platform, has partnered with ACX Compliance, a specialized advisory firm in crypto and Web3 compliance in the UAE, to unveil a comprehensive guide titled: “Navigating ADGM’s DLT Foundations.” This initiative is designed to equip businesses with the knowledge and strategies necessary to navigate the intricacies of the Abu Dhabi Global Market’s (ADGM) Distributed Ledger Technology (DLT) ecosystem.
In November 2023, the Abu Dhabi Global Market (ADGM) introduced the Distributed Ledger Technology (DLT) Foundations Regulations 2023, marking the world’s first legal framework for blockchain within its jurisdiction. They have been actively broadening its regulatory framework relating to digital assets and DLT, with the objective of establishing a comprehensive legal and regulatory structure for such businesses.
The ADGM DLT foundations regime offers a supportive ecosystem for blockchain-based businesses, prioritizing investor protection and market integrity. Specifically tailored guidelines provide clarity and certainty for businesses in the blockchain and DLT sector, emphasizing transparency, accountability, and investor confidence. Key benefits include regulated token issuance, programmable governance, and legal protection for decentralized protocols, bridging the gap between on-chain and off-chain realms. This pioneering legal framework fosters innovation, investment, and development in the blockchain and digital asset industries, positioning ADGM as a leading hub for decentralized technologies.
Entities interested in registering a DLT foundation with the ADGM Registration Authority (ADGM RA) must meet stringent application criteria outlined in the Regulations. Eligible applicants include a diverse array of entities such as blockchain foundations, web3 entities, decentralized autonomous organizations (DAOs), and traditional foundations seeking to harness the potential of DLT for enhanced operations.
Hermione Harrison, Director, and Head of Corporate Governance M/HQ commented: “The introduction of the ADGM DLT Foundations Regulations in 2023 signifies a significant breakthrough for the UAE’s cryptocurrency industry, positioning DLT foundations as leaders in innovation and progress within both the ADGM and beyond. These Regulations establish an unprecedented level of regulatory clarity, opening doors to a future marked by heightened transparency and efficiency across the blockchain and Web3 sectors.”
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About:
- M/HQ is a multi-services private wealth management optimization platform catering to successful individuals and international families. Its one-stop-shop offering is unique in the Middle East: a holistic and cross-disciplinary combination of a market-leading corporate services firm, a private client specialist team and a regulatory and compliance services practice, all through one single platform. Focusing on wealth structuring and legacy planning issues, M/HQ particularly assist in establishing and servicing Family- and Group- Holdings, Single- and Multi- Family offices, Foundations and other asset consolidation/ protection and intergenerational wealth management structures. Headquartered in the UAE since 2009, we are an entrepreneurial firm for entrepreneurial clients.
www.m-hq.com - ACX Compliance is your one-stop shop for all your crypto/web3 regulatory needs. We only work with crypto/web3 firms and understand the unique needs of the industry. We cover the entire regulatory spectrum, including full end-to end VARA and ADGM licensing support (e.g. pre-application review, drafting of policies and manuals) and full post-licensing support (e.g. outsourced MLRO support, SAR reporting, travel rule, ad-hoc compliance, incident management and transaction monitoring). We also provide on-chain investigations and monitoring, third party compliance and AML/CFT audits as well as compliance and AML/CFT training. ACX Compliance is an ACX International group company, with its 100+ strong team 100% focused on the crypto industry.
www.acxcompliance.com
