IOTA is now registered as ” DLT foundation “to the regulator ofAbu Dhabi. The network focused IoT plans to invest 100 million dollars at tokens in the region.
The IOTA foundation announced yesterday that it has been registered as the “first DLT Foundation” in Abu Dhabi, Saudi Arabia. United Arab Emirates. The authorization was issued by the local regulator Abu Dhabi Global Market (ADGM).
Welcoming IOTA, one of the most established and respected blockchain protocols, into ADGM’s DLT regime illustrates our ambition to position Abu Dhabi’s stature as a prime location and leading jurisdiction for the blockchain industry,” said Hamad Sayah Al Mazrouei, ADGM’s Head of Registrations.
Dubbed ” IOTA Ecosystem DLT Foundation “Created in September, the new entity will receive “more than $100 million” in IOTA tokens over the next 4 years to accelerate the protocol’s development in the Emirates, according to the announcement.
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The IOTA Ecosystem DLT Foundation plans to partner with local players and work around the tokenization of real-world assets (RWAs) to advance the adoption of IOTA and its network Shimmer.
“ADGM’s support of the IOTA Foundation and our partnership with the UAE authorities goes far beyond mere 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.
Following the announcement, the price of the project’s native crypto, IOTA (IOTA)surged by over 40%. Its price is evolving around 0.23 dollars, still up 35% over 24 hours, at the time of publishing this article. However, this is still a long way from the ATH reached at the end of 2017, at over $5.
Unlike most blockchain networks, IOTA is based on a technology called Tangle. The project, born in 2015 in Germany and focused on the Internet of Things (IOT), presents itself as an open DLT protocol for transferring data and value.
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