IOTA, a developer of open-source blockchain technology, is establishing the IOTA Ecosystem DLT Foundation in Abu Dhabi to expand its distributed ledger technology (DLT) throughout the Middle East.
As per the declaration, the newly established organization will receive $100 million in vested IOTA digital tokens over the following forty years.
Dominik Schiener, co-founder and chairman of the organization, states that promoting accelerated development of its DLT and “converting physical assets into digital ones” is one of the foundation’s primary objectives.
“The market right now is being reshuffled so we have a big opportunity to position ourselves by focusing on onboarding institutions, offering them to work on-chain because now it’s more feasible to do that in the UAE.”
The network will commence “tokenizing” assets and expand its technology to support developments in the Middle East.
The chief executive officer of the Registration Authority of the Abu Dhabi Global Market (ADGM), Hamad Sayah Al Mazrouei, stated that Abu Dhabi intends to be “the preeminent jurisdiction for the blockchain industry.”
ADGM regulators approved the IOTA Ecosystem DLT Foundation, which was among the initial blockchain-focused organizations to do so.
This occurred less than a month after ADGM implemented stringent regulations on November 2 targeting decentralized ledger platforms (DLT) such as IOTA. The regulations purport to allow organizations to extend their operations into DLT within the region.
Compliance with the new regulations requires the disclosure of key figures’ identities, the use of a name concluding in “DLT Foundation,” the membership of a council ranging from two to sixteen individuals, the treatment of token-holders as beneficiaries, and the prohibition of activities that require an ADGM license.
Additionally, this novel framework facilitates the lawful operation of DAOs and the issuance of tokens to their members.
