Abu Dhabi authorizes the IOTA ecosystem DLT Foundation under ADGM

IOTA Foundation has announced that it will now work with relevant authorities in Abu Dhabi, UAE, to boost its digital infrastructure. ADGM, an acronym for Abu Dhabi Global Market, has now registered the Foundation. This makes the IOTA Ecosystem DLT Foundation the first such player to have received approval.

The Foundation currently aims to achieve community-driven projects, regulatory synergy, and the expansion of the IOTA protocol. Moreover, the IOTA Foundation will look to bridge the gap between the real world and the digital world. The development comes days after the IOTA Foundation announced its plan to grow across the globe. However, their representative has said that the current development represents something more than that—a new era of regulatory synergy in the crypto market.

This landmark achievement puts IOTA at the vanguard of the financial sector’s digital and real-world convergence in the MENA region and beyond.

Calling ADGM frameworks one of the most progressive & responsive ones, IOTA has said that they are confident about bringing assets and institutional investors into the digital ecosystem.

The update has, so far, done well for its native token, IOTA. It last exchanged hands at $0.2449, reflecting a 40.29% increase in the last 24 hours. It further reflects a rising trajectory of 34.61% in the last 7 days and 52.68% in the last 30 days at the time of articulating this piece. IOTA coin price prediction estimates that the token can reach $0.39 by the end of this year. Assuming bullish sentiments continue in the next year, IOTA could register an average of $0.46 in 2025.

The IOTA Ecosystem DLT Foundation will commence with IOTA tokens worth $100 million. This will be introduced into the ecosystem during the following four years.

The said fund will help the IOTA Foundation nurture its community and accelerate the growth of the native protocol. The IOTA Foundation is also planning to seek out beneficial collaborations in order to promote the IOTA network and its adoption. Some sectors the Foundation could target are academics, government, and institutional investors.

Moving forward, the IOTA Foundation has said that it will host events regularly to encourage a common vision and drive the cryptosphere of the region.

Hamad Sayah Al Mazrouei, the Chief Executive Officer of the Registration Authority at ADGM, has welcomed the Foundation, saying that it exemplifies its ambition of positioning the region as a prime location for the Blockchain industry. Their goal is to set benchmarks all over the world for Web3 and Blockchain.

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According to Dominik Schiener, Chairman and Co-Founder of the IOTA Foundation, the collaboration aims to bring about a new age of regulatory harmony in the cryptocurrency market. Schiener further stated that this is a positive development towards the digital economy.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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