IOTA, a leading distributed ledger technology (DLT) project, has achieved a significant milestone in its strategic expansion by registering the first DLT foundation in the United Arab Emirates (UAE). This move is expected to support IOTA’s growth in the Middle East and North Africa (MENA) region. The announcement of the foundation’s registration coincided with a surge in the price of IOTA, which increased by over 50% to reach above $0.26. The IOTA Foundation has allocated more than $100 million to the DLT Foundation, with the funding being provided in IOTA tokens. Over the next four years, these tokens will be vested as the foundation aims to foster innovation and adoption of the IOTA protocol. The funding will also be directed towards community-driven projects and regulatory synergy. Notably, initiatives focused on IOTA and Shimmer, its staging network, will receive increased attention.This development is significant for IOTA’s efforts to align with regulatory developments. Dominik Schiener, co-founder of IOTA, emphasized that the support from the Abu Dhabi Global Market (ADGM) and the partnership with UAE authorities go beyond global expansion. They aim to establish a new era of regulatory synergy in the crypto markets and ensure that diverse communities play an active role in shaping the technology and governance of the IOTA Foundation.The partnership between IOTA and the ADGM comes at a time when the UAE is emerging as an important international crypto destination. The country’s status as a leading financial center has attracted numerous blockchain and crypto-related companies. In a related development, stablecoin issuer Paxos recently obtained two in-principle approvals from the Financial Services Regulatory Authority (FSRA) to issue stablecoins and provide brokerage and custody services in the ADGM.

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Information	Details
Geography	Middle East
Countries	🇦🇪
Sentiment	positive
Relevance Score	1
People	Dominik Schiener
Companies	Abu Dhabi Global Market (ADGM), Financial Services Regulatory Authority (FSRA), Paxos, IOTA Foundation
Currencies	IOTA
Securities	None