This summary text is fully AI-generated and may therefore contain errors or be incomplete.
The IOTA Foundation has registered its Distributed Ledger Technology (DLT) Foundation in the UAE as part of its strategic expansion plan in the Middle East and North African (MENA) market. With a fund allocation of $100 million worth of IOTA tokens, the foundation aims to drive innovation and adoption of the IOTA protocol in the region. The fund will support the foundation’s expansion, community-driven projects, and regulatory synergy. The registration had an immediate impact on the IOTA token’s market value, with a 50% surge following the announcement. The foundation emphasizes the importance of regulatory compliance and aims to usher in a new era of regulatory synergy in the crypto markets. Abu Dhabi is actively approving crypto-related firms and positioning itself as a crypto-friendly hub, with a substantial investment in web-3 and blockchain startups.