IOTA has announced the registration of the IOTA Ecosystem DLT Foundation under the DLT Foundations Regulations of Abu Dhabi Global Market (ADGM).
Following this, IOTA boasts of being the first to earn such recognition, which solidifies its position in the MENA (Middle East and North Africa) region and globally.
In line with the registration, IOTA said it would work with ADGM’s authorities to progress the regulatory landscape and connect the real world with the digital.
IOTA praised ADGM for having progressive and responsive regulatory frameworks, stating that the collaboration is a step that would result in the influx of institutional investors and assets into the digital realm
Furthermore, the IOTA Ecosystem DLT Foundation will receive IOTA tokens worth over $100 million as seed funds, which will be vested over the next four years. The funding will aid in nurturing the growth and acceleration of the IOTA ecosystem and protocol, according to IOTA.
Additionally, the IOTA Ecosystem DLT Foundation will seek partnerships in the region to improve and enhance IOTA adoption across sectors. “This includes collaboration with institutional investors, governments, and academic institutions for the tokenization of real-world assets and bringing them on-chain, thus bringing billions of dollars into the UAE’s virtual assets space,” disclosed IOTA.
Hamad Sayah Al Mazrouei, CEO of the Registration Authority (RA) of ADGM, said that the registration approval demonstrates ADGM’s stance in positioning Abu Dhabi and building a leading jurisdiction for the blockchain industry.
“It is a strong validation of ADGM’s progress with its new and revolutionary DLT Foundations Framework. Working with companies like IOTA, ADGM aims to move towards a future characterized by setting global benchmarks in the ever-evolving blockchain and Web3 landscape,” said Hamad Sayah Al Mazrouei.
For Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation, the partnership and registration are more than a global expansion but involve introducing “a new era of regulatory synergy in the crypto markets.”
Moreover, IOTA looks to cultivate a thriving crypto community within the ADGM ecosystem and hold regular events that will foster Abu Dhabi’s vision for a decentralized future and hub.
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