The IOTA token has surged by 43% after the announcement of the registration of the IOTA Ecosystem DLT Foundation in Abu Dhabi, the capital of the United Arab Emirates. The foundation will be the first to be registered under the DLT Foundations Regulations, a regulatory framework set up by Abu Dhabi Global Market (ADGM), the city’s financial watchdog. The IOTA Ecosystem DLT Foundation will be funded by $100 million worth of IOTA tokens vested for four years.
The establishment of the foundation is intended to foster the global expansion of the IOTA network. The surge in the value of the IOTA token was immediate, rising to 25 cents from 17 cents after the announcement. This is the highest level the cryptocurrency has reached since February.
IOTA is one of several crypto-adjacent companies that have recently received approvals from Abu Dhabi’s regulators. The rash of approvals comes as Abu Dhabi strives to establish itself as a crypto-friendly hub. In September, IOTA announced plans to establish a regulated entity in Abu Dhabi to support the global expansion of the network.
ADGM’s Registration Authority CEO, Hamad Sayah Al Mazrouei, said in a statement that the organization aims to move towards a future characterized by setting global benchmarks in the ever-evolving blockchain and Web3 landscape, working with companies like IOTA.
The establishment of the IOTA Ecosystem DLT Foundation is a significant milestone in Abu Dhabi’s push to be a leading crypto hub. Earlier this year, the emirate announced it would invest around $2 billion into web-3 and blockchain startups to attract builders to its economic free zone.
In conclusion, the establishment of the IOTA Ecosystem DLT Foundation in Abu Dhabi is a significant step towards the global expansion of the network. The foundation’s funding of $100 million worth of IOTA tokens vested for four years will be instrumental in achieving this goal. Abu Dhabi’s efforts to establish itself as a crypto-friendly hub have been successful, with IOTA being one of several crypto-adjacent firms that have received approvals from Abu Dhabi’s regulators recently.