ADGM

IOTA Registers with Abu Dhabi Global Market

Crypto Trends and Research
··1 min read

Yesterday, it was announced that the IOTA Ecosystem DLT Foundation has become the first Distributed Ledger Technology (DLT) foundation registered with Abu Dhabi Global Market (ADGM) in the United Arab Emirates.

The foundation is set to receive a substantial injection of over $100 million in IOTA tokens, earmarked to support the growth of the IOTA protocol and nurture the IOTA ecosystem in the Middle East and North Africa (MENA) region.

The foundation said it will leverage its position in Abu Dhabi to strengthen relationships in the MENA region, particularly with institutional investors, governments, and academic institutions for the tokenization of real-world assets.

The initiative seeks to bring billions of dollars into the UAE’s virtual assets space by advancing the adoption of IOTA and its staging network, Shimmer, across various sectors.

The UAE aims to establish itself as a crypto and blockchain hub. As well as having best-in-class regulatory and licensing regimes for cryptocurrency firms, the UAE government has embraced blockchain. As far back as 2016, Dubai announced an ambitious plan to use blockchain for government documents.

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