UAE Regulator Taps Blockchain Technology To Accelerate Commercial Judgements
Federal Decree, a United Arab Emirates-based judicial authority, has embraced blockchain technology while targeting to save costs and time in the case of commercial judgments’ enforcement. An authority backing the financial regulatory agency named Abu Dhabi Global Markets (ADGM), ADGM Courts, has enforced blockchain technology for the provision of assistance for saving substantial time consumed in the juridical procedure by the parties.
ADGM Courts Embraces Blockchain Technology for Swift Commercial Judgments
Commercial judgments take into account evaluating diverse financial hazards and handling commercial problems in business. Blockchain technology-based digitalization would permit the parties and courts to instantly reach commercial judgments. This is a move targeted at offering convenience in the judicial procedures for international commerce and trade.
The CEO and registrar at ADGM Courts, Linda Fitz-Alan, elaborated on the respective advancement and stated that the main focus of the institution is to evolve the judicial facilities with the utilization of technology. She added that they intend to increase enforcement to better react to the mounting requirements of the business community across the globe along with pushing sustainable modification in the field of justice.
The CEO additionally mentioned that the utilization of blockchain technology for commercial courts improves the reputation of the organization as a frontrunner in taking justice to the digital world. “ADGM Courts” is known as an autonomous authority that is devoted to adjudicating commercial and civil disputes. The institution backs ADGM (considered to be the financial regulator working in Abu Dhabi’s capital city).
In the meantime, an exclusive crypto and blockchain association that focuses on the development of crypto and blockchain ecosystems across the Middle East, Asia, and North Africa was introduced in the economically free area of ADGM. The nonprofit institution called the Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) will assist in facilitating regulatory solutions and creating additional commercial openings.
MENA Zone Sees 48% Escalation in Crypto Adoption after 2021
A report was published by Chainalysis on the 5th of the previous month, indicating that the Middle East and North Africa (MENA) zone is becoming one of the most rapidly-advancing crypto markets throughout the world. The respective report indicates that in twelve months, spanning between July 2021 and June 2022, the consumers in the MENA zone obtained crypto equaling up to $566B, showing a 48% increase as compared with 2021.
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