This summary text is fully AI-generated and may therefore contain errors or be incomplete.
The open-source blockchain developer IOTA has announced the launch of the IOTA Ecosystem DLT Foundation in Abu Dhabi. With a focus on the Middle East region, the foundation aims to promote the growth of its distributed ledger technology (DLT). Backed by $100 million worth of IOTA digital tokens, the foundation plans to accelerate the adoption of DLT and convert real-world assets into digital ones. This move comes as the market is undergoing a reshuffling, presenting a significant opportunity for IOTA to position itself by onboarding institutions and offering on-chain solutions. The foundation has gained approval from regulators in Abu Dhabi, making it one of the first blockchain-focused organizations to do so. The country aims to become a leading jurisdiction for the blockchain industry. The recent introduction of comprehensive regulations by the Abu Dhabi Global Market (ADGM) provides opportunities for organizations like IOTA to expand into DLT in the region. The regulations include requirements such as disclosing key figures, having a name that ends with “DLT Foundation,” and establishing a council and tokenholders as beneficiaries. The framework also allows for decentralized autonomous organizations (DAOs) to legally operate and issue tokens to members. This development signifies a significant step forward for IOTA and the blockchain industry in the Middle East.