Open source blockchain developer Iota announced on November 29 that it will establish a foundation, the Abu Dhabi-based Iota Ecosystem DLT Foundation, to focus on the development of its distributed ledger technology (DLT) in the Middle East.
According to the announcement, the new foundation will be backed by $100 million worth of Iota digital tokens, which will vest over the next four years.
Dominik Schiener, co-founder and chairman of the company, said that one of the foundation’s main goals is to promote the accelerated growth of DLT and “convert real-world assets into digital assets.”
“There is a reshuffle in the market right now, so there is a big opportunity for us to position ourselves by focusing on onboarding agencies to provide them with on-chain jobs because it is now more feasible to do so in the UAE.”
In addition to developing technology to support development in the Middle East, the network will also begin to “tokenize” assets.
Hamad Sayah Al Mazrouei, CEO of the Registry of Abu Dhabi Global Market (ADGM), said the country aims to become “a leading jurisdiction for the blockchain industry.” .
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The Iota Ecosystem DLT Foundation became one of the first blockchain-focused organizations to receive approval from the ADGM regulator.
This development comes less than a month after ADGM launched comprehensive regulations for DLT foundations such as Iota on November 2. These regulations claim to provide opportunities for organizations to expand DLT in the region.
According to the new regulations, compliance includes revealing the names of key individuals, names ending with “DLT Foundation,” a board of directors consisting of 2 to 16 members, token holders being considered beneficiaries, and no DLT transactions Permitted activities. Abu Dhabi International Financial Center.
This new framework also paves the way for decentralized autonomous organizations to operate legally and issue tokens to their members.
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