Pioneering digital infrastructure in MENA
TL;DR:
The new IOTA Ecosystem DLT Foundation is the first DLT foundation registered on the Abu Dhabi Global Market in the United Arab Emirates. The IOTA Ecosystem DLT Foundation will receive over $100 million in IOTA tokens to nurture the IOTA ecosystem and accelerate the growth of the IOTA protocol in the region, fostering community-driven initiatives and regulatory synergy.
In September this year, we shared our plans for a new Foundation in Abu Dhabi, United Arab Emirates, to grow our global expansion.
Today, we are pleased to announce that the IOTA Ecosystem DLT Foundation has been registered as the first foundation under the Abu Dhabi Global Market (ADGM) DLT Foundation Regulations. This historic 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.
We look forward to working with ADGM authorities to drive the regulatory landscape and bridge the gap between the real and digital world. ADGM has one of the most progressive and responsive regulatory frameworks, making our collaboration an important step in attracting investors and institutional assets to the digital ecosystem.
The IOTA Ecosystem DLT Foundation will receive more than $100 million in IOTA tokens, which will be awarded over the next four years. This funding is intended to nurture the IOTA ecosystem and accelerate 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 readiness network, Shimmer, across various sectors. This includes collaborating with institutional investors, governments and academic institutions to tokenize real-world assets and bring them on-chain, thereby bringing billions of dollars to the UAE virtual asset space.
Our foray into the UAE aims to cultivate a thriving crypto community within the ADGM ecosystem. Going forward, events taking place periodically will foster a common vision for a decentralized future and boost Abu Dhabi’s crypto hub through its legal framework.
Hamad Sayah Al Mazrouei, CEO of the ADGM Registration Authority (RA), said: “Welcoming IOTA, one of the most established and respected blockchain protocols into the ADGM DLT regime, exemplifies our ambition to position the stature of Abu Dhabi 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 revolutionary new DLT Foundations Framework. By working with companies like IOTA, ADGM aims to move towards a future characterized by establishing global benchmarks in the constantly evolving blockchain and Web3 landscape.”
“ADGM’s support of the IOTA Foundation and our partnership with the UAE authorities is more than a global expansion. This is about ushering in a new era of regulatory synergy in the crypto markets,” said Dominik Schiener, co-founder and president of the IOTA Foundation. “We want to make sure we take the right steps toward digital autonomy for all, and that means ensuring a diversity of communities take an active role in shaping the Foundation’s technology and governance.”
About the ADGM
Abu Dhabi Global Market (ADGM) is the international financial center (IFC) in the capital of the United Arab Emirates, which opened on October 21, 2015. ADGM increases Abu Dhabi’s position as a leading financial center and business hub which serves as a strategic link between the growing economies of the Middle East, Africa, South Asia and the rest of the world.
ADGM operates within an international regulatory framework based on the direct application of English common law and governs the entire Al Maryah Island and Al Reem Island, which is designated as an Abu Dhabi Free Financial Zone.
ADGM is ranked as a top preferred IFC in the Middle East and Africa region and named the largest fintech hub in MENA. Its progressive and inclusive business ecosystem gravitates towards global financial and non-financial institutions, while leveraging synergies between ADGM and multiple jurisdictions positioned as one of the most advanced, diverse and progressively governed financial centers in the world.
For more details on ADGM, visit www.adgm.com or follow them on Twitter, Instagram and LinkedIn.
A new world reference
As we embark on this exciting journey with ADGM, we aim to empower a wide range of communities to actively participate in shaping the future of IOTA and DLT/blockchain. We especially hope to contribute to a new era in regulatory collaboration within the crypto markets.
