Iota launches $100M Abu Dhabi base for Middle East expansion

Open source blockchain developer Iota announced on November 29 that it is launching the Iota Ecosystem DLT Foundation in Abu Dhabi to focus on the development of distributed ledger technology (DLT) in the Middle East region.

According to the announcement, the new foundation will be supported by $100 million in IOTA digital tokens, which will be issued over the next four years.

One of the foundation's main goals is to push for the accelerated growth of DLT and transform real-world assets into digital ones, according to company founder and chairman Dominic Shiner.

“The market is changing at the moment, so we have a great opportunity to position ourselves by focusing on boarding facilities and offering them as a chain.

In addition to developing the technology to support developments in the Middle East region, the network will begin “tokenization” of assets.

Hamad Sayah Al Mazroei, CEO of the Abu Dhabi Global Market (ADGM) Registration Authority, said the country aims to become a “leading authority in the blockchain industry”.

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The Iota Ecosystem DLT Foundation became one of the first blockchain-focused organizations to be approved by regulators from ADGM.

This development comes less than a month after the ADGM proposed comprehensive regulations targeting DLT foundations such as Iota on November 2. They say the rules will provide opportunities for companies to expand into DLT in the region.

Compliance under the new rules includes disclosure of key names, having a name ending in “DLT Foundation”, a council of two to 16 members, token holders being treated as beneficiaries, and not being allowed to perform authorized activities. ADGM.

This new framework paves the way for decentralized autonomous organizations to operate legally and issue tokens to their members.

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