Iota, the developer of an open-source blockchain, has unveiled its plans to establish the Iota Ecosystem DLT Foundation in Abu Dhabi.
Iota, the developer of an open-source blockchain, has unveiled its plans to establish the Iota Ecosystem DLT Foundation in Abu Dhabi. The foundation aims to advance distributed ledger technology (DLT) in the Middle East and will be backed by $100 million worth of Iota digital tokens, distributed over the next four years.
The primary goal of the foundation is to accelerate the growth of Iota's DLT and facilitate the conversion of real-world assets into digital form. Dominik Schiener, co-founder and chairman of Iota, highlighted the company's opportunity to position itself by onboarding institutions and enabling them to operate on-chain, taking advantage of the favorable conditions in the UAE.
Hamad Sayah Al Mazrouei, the CEO of the Registration Authority of the Abu Dhabi Global Market (ADGM), expressed that introducing Iota to the Adu Dhabi’s DLT regime reflects their goal for Adu Dhabi to be a major blockchain player and ADGM to be the leading jurisdiction in the blockchain industry.
Dominik Schiener, co-founder and Chairman of the IOTA Foundation, said:
“The IOTA Foundation’s support from ADGM and our partnership with UAE authorities is about more than global expansion. It’s about ushering in a new era of regulatory synergy in the crypto markets.”
The Iota Ecosystem DLT Foundation has become one of the first blockchain-focused organizations to gain approval from ADGM regulators. This development follows the comprehensive regulations introduced by ADGM on November 2, which specifically target DLT foundations like Iota. The regulations aim to create opportunities for organizations to venture into DLT within the region.
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