IOTA DLT Foundation announced that it has been registered as the first foundation under the DLT Foundations Regulations at ADGM ( Abu Dhabi Global Markets. As per their blog, his landmark achievement positions IOTA at the forefront of digital and real-world convergence in the financial sector in the MENA (Middle East and North Africa) region and globally.
The IOTA Ecosystem DLT Foundation will be seeded with over $100 million in IOTA tokens, to be vested over the next four years. This funding is earmarked for nurturing the IOTA ecosystem and accelerating the growth of the IOTA protocol. In line with its community-driven ethos, the IOTA Ecosystem DLT Foundation will foster valuable partnerships in the region to advance the adoption of IOTA and its staging network Shimmer, across various sectors.
As per the blog, this will include 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.
Hamad Sayah Al Mazrouei, CEO of the Registration Authority (RA) of ADGM said, “Welcoming IOTA, one of the most established and well-respected blockchain protocols into ADGM’s DLT regime exemplifies our ambition to position Abu Dhabi’s stature as a prime location and ADGM as the 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”.
“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,” said Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation. “We want to ensure that we take the right steps toward digital autonomy for everyone, and that means making sure a diversity of communities take an active role in shaping the Foundation’s technology and governance.”
In early November 2023, IOTA stated it would be launching its DLT Foundation in Abu Dhabi UAE soon.