IOTA Emerges as UAE’s Preferred Blockchain, Token Price Surges by 40%
In a groundbreaking stride towards bridging the gap between the digital and real-world financial landscapes, IOTA has achieved a monumental feat in the MENA (Middle East and North Africa) region. The IOTA Ecosystem DLT Foundation has been successfully registered as the pioneer foundation under the DLT Foundations Regulations of Abu Dhabi Global Market (ADGM).
This pivotal achievement holds significance, positioning IOTA at the forefront of convergence between the digital and real sectors within the financial domain, not only in the MENA region but on a global scale.
The foundation’s registration marks a significant step toward harmonizing the regulatory frameworks governing traditional finance and the burgeoning digital sphere. Working hand in hand with the ADGM’s authorities, IOTA endeavors to revolutionize the regulatory landscape, fostering an environment conducive to institutional investor participation and asset integration into the digital ecosystem.
IOTA is the first #DLT Foundation regulated with @ADGlobalMarket in #AbuDhabi 🇦🇪! The new #IOTA Foundation will be seeded with over $100 million in $IOTA tokens to support and accelerate the growth of the IOTA ecosystem.https://t.co/7NYe2L5RFs
— IOTA (@iota) November 29, 2023
With a commitment of over $100 million in IOTA tokens earmarked for the IOTA Ecosystem DLT Foundation over the next four years, the focus is on nurturing the IOTA ecosystem and propelling the growth of the IOTA protocol. This community-driven ethos extends to fostering strategic collaborations across various sectors within the region, emphasizing the tokenization of real-world assets and their integration into the blockchain, thus injecting substantial value into the UAE’s virtual assets space.
The move into the UAE marks a strategic effort to cultivate a thriving crypto community within ADGM’s ecosystem. This initiative includes the facilitation of regular events aimed at fostering a collective vision for a decentralized future while propelling Abu Dhabi’s emergence as a crypto hub bolstered by a robust legal framework.
Hamad Sayah Al Mazrouei, CEO of ADGM’s Registration Authority, emphasized the significance of IOTA’s presence within ADGM, highlighting Abu Dhabi’s position as a prime location for blockchain ventures. This collaboration sets the stage for ADGM to establish itself as a pioneering jurisdiction in the ever-evolving blockchain and Web3 landscape.
Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation, emphasized that the collaboration with ADGM and UAE authorities signifies a significant leap towards regulatory synergy within the crypto markets. Beyond global expansion, the focus remains on ensuring diverse communities actively participate in shaping the Foundation’s technology and governance, thereby advocating for digital autonomy for all.
This landmark move comes at a crucial juncture for IOTA, coinciding with the announcement of IOTA 2.0, introducing transformative changes such as smart contract support, layer-2 solutions, and DeFi enhancements, amplifying the utility of the MIOTA token.
The immediate market response was palpable, with the IOTA token surging nearly 45% on Binance, catapulting from $0.17 to $0.247 in the wake of this news.
IOTA’s journey from being a prominent blockchain project during the 2017-2018 phase to this recent milestone signifies not only its resurgence but also its pivotal role in reshaping the digital economy, especially in the MENA region, fostering a more inclusive and regulated future for blockchain and decentralized technologies.
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