The Iota Foundation has just received approval from the Abu Dhabi authorities to launch a local foundation. With a remarkable endowment of $100m, this new initiative aims to boost the rapid adoption of Iota in the Middle East.
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The Iota Ecosystem DLT Foundation: The first DLT foundation approved by Abu Dhabi
IOTA a platform specializing in distributed registry technology, has recently inaugurated a foundation in Abu Dhabi, the capital of the United Arab Emirates.
The official announcement, made on November 29, reveals the birth of the Iota Ecosystem DLT Foundation, a non-profit organization dedicated to catalyze the adoption of blockchain IOTA Tangle in the Middle East.
These are the very first foundation specializing in distributed registries (DLT) to obtain approval from the Abu Dhabi authorities since new regulations governing this type of organization came into force at the beginning of November.
In concrete terms, the foundation will focus on two strategic objectives:
- The development of concrete use cases for the technology IOTA Tangle in the Middle East, including tokenization of real assets.
- The integration of regional institutions into the IOTA network to facilitate their adoption of this next-generation blockchain.
According to Dominik Schiener, co-founder and president of IOTA, the timing of this initiative is ideal, particularly at a time of growth for the cryptocurrency market in the MENA region. He is convinced that this foundation will enable IOTA to establish itself as a blockchain technology leader in the Middle East, potentially accelerating the adoption of its platform by local players.
The market is recomposing itself, so now is the time for us to position ourselves by focusing on integrating regional institutions into our blockchain network. The new regulations in the Emirates make this easier than ever.Statement by Dominik Schiener
IOTA takes over the Middle East!
To start the foundation’s operations and invest in tangible projects, IOTA will allocate a significant sum of $100 million in IOTA tokens, over a four-year period. This will provide the structure with the means to develop the IOTA ecosystem in the Middle East.
For the Emirates, this announcement is in line with the country’s stated aim of becoming the undisputed legal leader for blockchain in the region MENA (Middle East and North Africa).
On November 2, the Abu Dhabi Global Market Financial Regulatory Authority (ADGM) has adopted a tailor-made regulatory framework to provide a framework for foundations specializing in DLT technology, including the IOTA Foundation! The IOTA Foundation was one of the first entities to be approved by the ADGM in accordance with these new regulations.
In practical terms, this clarified legal status will enable the foundation to operate legally as a Decentralized Autonomous Organization (DAO) in the UAE. It will be able to issue tokens to its members while complying with the requirements of ADGM, in terms of transparent governance and identification of its managers.
The aim of these new provisions is to stimulate the adoption of blockchain technologies such as IOTA to meet the specific needs of the MENA region. The Emirates continue their mission: to become a reference jurisdiction for blockchain innovation in the Middle East.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.