Last Updated on November 29, 2023 by COINBUZZFEED
IOTA Foundation has successfully registered the IOTA Ecosystem DLT Foundation under the DLT Foundations Regulations of the Abu Dhabi Global Market (ADGM). This achievement solidifies IOTA’s position at the forefront of digital and real-world convergence in the MENA region and globally.
This strategic step is part of the IOTA Foundation’s broader plan for global expansion, with the UAE serving as a key hub for fostering innovation and growth. The ADGM’s forward-thinking regulatory framework has played a pivotal role in facilitating this groundbreaking collaboration, positioning IOTA to lead the way in institutional investment and asset digitization.
The IOTA Ecosystem DLT Foundation is set to receive a substantial investment of over $100 million in IOTA tokens, to be vested over the next four years. This financial infusion is earmarked for nurturing the IOTA ecosystem and driving the growth of the IOTA protocol.
In alignment with its community-driven ethos, the foundation plans to establish valuable partnerships across various sectors. This includes collaborations with institutional investors, governments, and academic institutions, with a focus on tokenizing real-world assets and bringing them onto the blockchain. The result? Billions of dollars flowing into the UAE’s virtual assets space.
Hamad Sayah Al Mazrouei, CEO of the Registration Authority (RA) of ADGM, expressed enthusiasm about welcoming IOTA into ADGM’s DLT regime. This move exemplifies Abu Dhabi’s commitment to becoming a prime location and ADGM as the leading jurisdiction for the blockchain industry. The collaboration with IOTA aligns with ADGM’s goal of setting global benchmarks in the ever-evolving blockchain and Web3 landscape.
