Abu Dhabi, November 30, 2023 – IOTA, a leading blockchain protocol, has achieved a significant milestone by becoming the first regulated and compliant entity to lead the development of a global digital asset ecosystem under the Abu Dhabi Global Market (ADGM) in the United Arab Emirates (UAE).
The newly established entity, funded with a substantial $100 million from the IOTA token treasury, will play a pivotal role in advancing the growth of IOTA across the Middle East and North Africa (MENA) region, Africa, and Asia. In entering the UAE market, IOTA is strategically focusing on trade and logistics, trade finance, and institutional investors.
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Facts about the IOTA Foundation
The IOTA Foundation, known for its community-driven ethos, aims to forge key partnerships within the region to drive the adoption of its cryptocurrency project and Shimmer, its staging network, across diverse sectors.
A significant aspect of the foundation’s plans involves collaborating with institutional investors, governments, and academic institutions to tokenize real-world assets and bring them onto the blockchain. This move is expected to inject billions of dollars into the crypto industry in the UAE, further solidifying IOTA’s position as a pioneering force in the region.
IOTA Enters into the UAE
The entry into the UAE signifies IOTA’s commitment to building a robust crypto community within ADGM’s ecosystem. The foundation, in its report, outlines its intention to host regular events aimed at fostering a shared vision for a decentralized future and propelling Abu Dhabi’s status as a crypto hub through its legal framework.
Commenting on this groundbreaking development, Hamad Sayah Al Mazrouei, the CEO of the Registration Authority (RA) of ADGM, expressed enthusiasm. He stated, “Welcoming IOTA, one of the most established and well-respected blockchain protocols into ADGM’s DLT regime exemplifies our ambition to position Abu Dhabi’s stature as a prime location and ADGM as the leading jurisdiction for the blockchain industry.”
Al Mazrouei highlighted the importance of this collaboration in setting global benchmarks in the evolving blockchain and Web3 landscape. He added, “The IOTA Foundation’s support from ADGM and our partnership with UAE authorities is about more than global expansion. It’s about ushering in a new era of regulatory synergy in the crypto markets.”
The CEO of the IOTA Foundation emphasized the commitment to digital autonomy, stating, “We want to ensure that we take the right steps toward digital autonomy for everyone, and that means making sure a diversity of communities take an active role in shaping the Foundation’s technology and governance.”
As IOTA pioneers the development of a regulated global digital asset ecosystem from Abu Dhabi, the crypto industry witnesses a significant stride toward mainstream adoption and regulatory acceptance in one of the world’s rapidly growing financial markets.