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crypto.news 2024-12-10 14:23:48

Abu Dhabi Global Market partners with Polygon Labs to create International Token Disclosure Standards

Abu Dhabi Global Market partners with Polygon Labs to create International Token Disclosure Standards

The international financial center in Abu Dhabi, Abu Dhabi Global Market is collaborating with Polygon Labs in establishing an international token disclosure process for the web3 ecosystem. According to the press release received by crypto.news, the ADGM aims to use the international token disclosure process to improve its already existing Distributed Ledger Technology Foundations Regulations to create a foundation for blockchains and Decentralized Autonomous Organizations . The DLT Foundations Regulations was launched in 2023 to address the complexities of the blockchain ecosystem, enabling operation and issuance of tokens by DAOs and blockchain foundations. ADGM’s collaboration with Polygon Labs aligns with the goal of further cementing Abu Dhabi as a global hub for technology-driven financial services, setting new standards for regulatory clarity and driving innovation in the blockchain space. CEO of ADGM Registration Authority, Hamad Al Mazrouei explained that the purpose of creating a standardized token disclosure process is to elevate transparency and build confidence in blockchain technologies. Furthermore, he added that the process also serves to reinforce Abu Dhabi’s position as a hub for blockchain and web3 innovation. “Our collaboration with Polygon Labs underscores ADGM’s commitment to shaping the future of blockchain through innovation and regulatory leadership,” said Al Mazrouei. You might also like: Abu Dhabi launches first global digital ledger technology regulations Polygon Founder, Sandeep Nailwal said that ADGM’s innovation-centered thinking and approach towards regulatory frameworks are in line with the project’s own vision. This is why Nailwal believes that the collaboration with ADGM could help make blockchain technology more accessible on a global scale. “We’re not only establishing new benchmarks for transparency and disclosure but also creating a foundation for trust that allows users, developers, and institutions worldwide to engage with blockchain systems confidently,” said Nailwal. In addition to the international token disclosure process, the collaboration will explore other areas that could potentially strengthen Abu Dhabi’s position as a leader in blockchain innovation. Polygon Labs’ experience in building interconnected and scalable blockchain ecosystems via the AggLayer will complement ADGM’s regulatory initiatives in shaping the right environment for blockchain adoption. ADGM remains committed to fostering technological innovation, supporting the evolution of digital assets, and enabling the sustainable growth of blockchain technologies within the UAE and beyond. You might also like: DWF Labs co-founder announces move to Abu Dhabi

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