đ Iota Unveils $100M Foundation in Abu Dhabi to Propel DLT Growth in the Middle East
In a groundbreaking move, Iota, the pioneer of open-source blockchain, has announced the establishment of the Iota Ecosystem DLT Foundation in Abu Dhabi. This strategic initiative is underpinned by a substantial commitment of $100 million worth of Iota digital tokens, to be disbursed over the next four years.
đ Foundation's Mission and Objectives:
The core mission of the foundation is to catalyze the advancement of distributed ledger technology (DLT) in the Middle East. Notably, it aims to expedite the growth of Iota's DLT and facilitate the seamless transformation of tangible assets into digital entities.
đ Strategic Alignment with ADGM Goals:
Hamad Sayah Al Mazrouei, CEO of the Registration Authority of the Abu Dhabi Global Market (ADGM), expressed enthusiasm about introducing Iota to Abu Dhabi's DLT regime. He sees this as a strategic move to position Abu Dhabi as a major blockchain player and ADGM as the leading jurisdiction in the blockchain industry.
đŹ Insights from Dominik Schiener:
Dominik Schiener, co-founder and Chairman of the IOTA Foundation, emphasized the significance of support from ADGM and the partnership with UAE authorities, framing it as a pivotal step toward fostering regulatory synergy in the global crypto markets.
đ Regulatory Milestone:
The Iota Ecosystem DLT Foundation marks a historic achievement by becoming one of the first blockchain-focused organizations to secure approval from ADGM regulators. This approval follows the comprehensive regulations introduced by ADGM on November 2, specifically targeting DLT foundations like Iota. These regulations are designed to create opportunities for organizations to explore and contribute to the dynamic landscape of DLT within the region.
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