The Launch of Iota Ecosystem DLT Foundation in Abu Dhabi
Iota, the open-source blockchain developer, has announced the establishment of the Iota Ecosystem DLT Foundation in Abu Dhabi. The foundation aims to promote the growth of distributed ledger technology (DLT) in the Middle East region. With $100 million in Iota digital tokens, the foundation plans to accelerate the adoption of its DLT and convert real-world assets into digital ones.
Tokenizing Assets and Regulatory Approval
Alongside expanding its technology in the Middle East, Iota will also begin tokenizing assets. This move aligns with the Abu Dhabi Global Market’s (ADGM) goal of becoming a leading jurisdiction for the blockchain industry. The ADGM has granted regulatory approval to the Iota Ecosystem DLT Foundation, making it one of the first blockchain-focused organizations to receive such recognition.
Comprehensive Regulations for DLT Foundations
The ADGM recently introduced comprehensive regulations targeting DLT foundations like Iota. These regulations require compliance measures such as disclosing key figures, having a name ending with “DLT Foundation,” establishing a council, treating tokenholders as beneficiaries, and refraining from conducting licensable activities. The new framework also enables decentralized autonomous organizations to legally operate and issue tokens.
Hot Take: Accelerating Blockchain Adoption in the Middle East
The launch of the Iota Ecosystem DLT Foundation in Abu Dhabi signifies a significant step towards accelerating blockchain adoption in the Middle East region. With substantial funding and regulatory approval from the ADGM, Iota is well-positioned to grow its technology and tokenize assets. As countries like Abu Dhabi aim to become leading jurisdictions for blockchain innovation, this initiative sets a precedent for other blockchain-focused organizations looking to establish themselves in the region.
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