Getting A Green Light In Abu Dhabi, IOTA Expands Its Reach To The Middle East Market

IOTA crypto assets. (Photo; Doc. Teletype)

JAKARTA - IOTA (MIOTA), a third-generation blockchain project that offers high scalability, security and efficiency, has achieved new achievements by becoming the first blockchain foundation registered in Abu Dhabi, the capital of the United Arab Emirates (UAE).

The IOTA Ecosystem DLT Foundation, a foundation established to support the development of the IOTA ecosystem, has received registration under the DLT Foundation Regulation issued by Abu Dhabi Global Market (ADGM), the city's financial authority.

This registration opens up opportunities for IOTA to expand its reach in the Middle East market, which has great potential for blockchain adoption and innovation. IOTA also announced its intention to collaborate with ADGM to advance the blockchain regulatory landscape, with the aim of bridging the gap between the physical and digital worlds.

In this collaboration, IOTA will receive initial funds of more than 100 million US dollars (Rp1.54 trillion) in IOTA tokens, which will be distributed in stages over four years. These funds will be used to accelerate the growth of the IOTA protocol and build its ecosystem.

In addition, IOTA will also seek local partners in the UAE to encourage the adoption of IOTA and its guide network, Shipmer, in various industrial sectors. IOTA will focus on tokenizing real-world assets and their integration into blockchain, so that it can provide benefits to institutional investors, government agencies, and academic institutions.

IOTA also hopes to build a strong crypto community in the UAE, by holding various educational, socialization, and competition activities. IOTA will also support the development of the UAE Central Bank Digital Currency (CBDC), which is being studied by the country's central bank.

This news was welcomed by the crypto market, with IOTA token prices soaring to 40% in a day, hitting the highest level since April 2023.

Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation, said that the partnership with ADGM would bring a new era of regulatory synergy in the crypto market. He also said that IOTA has a long-term vision for the UAE market, which has the potential to become a global leader in blockchain technology.