Popular altcoin IOTA announced that Abu Dhabi Global Market (ADGM) has been registered as the first Foundation under the DLT Foundations Regulations.
Positioning itself as the leading L1 public blockchain in the Middle East, IOTA stated that it has implemented plans for a new Foundation in Abu Dhabi, United Arab Emirates, to expand its global expansion.
“Today we are excited to announce that the IOTA Ecosystem DLT Foundation has been registered as the first foundation under the DLT Foundations Regulations of the Abu Dhabi Global Market (ADGM)
The new IOTA Ecosystem DLT Foundation is the first DLT organization in the United Arab Emirates registered with the Abu Dhabi Global Market.
“Over $100 million in IOTA tokens will be allocated to the IOTA Ecosystem DLT Foundation to develop the IOTA ecosystem and accelerate the growth of the IOTA protocol in the region, promoting community-driven initiatives and regulatory synergy.”
Following the Abu Dhabi announcement, the IOTA price increased by 23% to $0.216. IOTA continues to trade at $0.213 at the time of writing.
*This is not investment advice.
