- UAE regulator has adopted blockchain to speed up commercial judgments.
- ADGM Courts is a body that assists the financial regulation in Abu Dhabi Global Markets.
- UAE declared it will also enact the first-ever corporate company tax.
The Federal Decree of the United Arab Emirates (UAE) has established a judicial authority. The regulator will now use blockchain technology in order to reduce the time and expenses associated with the execution of commercial judgments.
Notably, ADGM Courts, a body that assists the financial regulator Abu Dhabi Global Markets, has put this into effect (ADGM).
The parties to the legal procedure are said to benefit from considerable time savings thanks to blockchain technology. It is important to highlight that making commercial decisions involves evaluating various financial risks and handling business-related commercial concerns.
“Our focus has now turned to enforcement to respond to the pressing needs of the international business community and to drive sustainable change for the justice sector,” Fitz-Alan, the registrar and CEO of ADGM Courts explained.
The ADGM Courts CEO also pointed out that using blockchain for commercial courts will enhance the company’s standing as a pioneer in the digitization of justice. Commercial judgments are essentially financial assessments and rulings. One from the Abu Dhabi Global Markets Courts from today pertained to a dispute between shareholders of the car-sharing startup Ekar.
Blockchain is also a record-covering encryption method. It is utilized in cryptocurrencies and is thought to be a secure method of protecting digital assets.
This is only one of the United Arab Emirates’ several financial modernization initiatives. For instance, the UAE declared it will also enact the first-ever corporate company tax. This was announced earlier this year and would be starting in 2023.
Additionally, the market for cryptocurrency in the UAE is expanding. A bitcoin payment card was introduced by the Dubai-based cryptocurrency company BitOasis last month.
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