IOTA Launches Abu Dhabi-Based Foundation to Boost Distributed Ledger Technology in the Middle East
Summary:
IOTA, an open-source blockchain developer, has established an Abu Dhabi-based foundation, the IOTA Ecosystem DLT Foundation, to enhance the spread of its Distributed Ledger Technology (DLT) in the Middle East. The foundation will receive support from $100 million in IOTA digital tokens over four years. The system aims to digitize tangible assets, while simultaneously expanding the tech base in the region. It's among the first blockchain organizations to be approved by Abu Dhabi's Registration Authority. The country recently introduced comprehensive regulations designed to assist organizations like IOTA in expanding their DLT presence regionally.
On November 29, IOTA, a developer of open-source blockchain, revealed its plan to establish the IOTA Ecosystem DLT Foundation, an Abu Dhabi-based institution aimed at promoting the spread of its Distributed Ledger Technology (DLT) in the Middle East. The foundation will benefit from a backing of $100 million in IOTA digital tokens, pledged to be endowed over a four-year time frame. Co-founder and chairman Dominik Schiener has stated one of the main objectives of the foundation is to expedite expansion of DLT and digitize tangible assets. "We're at an opportune moment to establish our presence in the rapidly changing market by welcoming institutions to use our on-chain facility, which is now more viable in the UAE.” The network intends to expand its tech base in the Middle East, while beginning to tokenize assets. Hamad Sayah Al Mazrouei, chief executive of Abu Dhabi's Registration Authority (ADGM), emphasized the country’s ambition to become a major player in the blockchain industry. The IOTA Ecosystem DLT foundation is one of the first of its kind to receive approval from ADGM regulators. The endorsement follows hot on the heels of the ADGM's comprehensive policies released on November 2nd aimed at DLT groups such as IOTA. The regulations present chances for entities to develop their DLT reach in the region. Key mandates of the new policies include the disclosure of central figures' names, insistence on a name that concludes with “DLT Foundation”, a council ranging from two to 16 members, token holders receiving beneficiary status, and a prohibition on activities licensable by the ADGM. This new structure also provides a framework for Decentralized Autonomous Organizations (DAOs) to legally operate and distribute tokens to members. Related: Siemens and Microsoft collaborate to further AI in the industrial sector.
Published At
11/29/2023 1:22:26 PM
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