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- A total of $100 million worth Iota digital tokens will fund the new foundation.
- In addition to enhancing its infrastructure, the network will start “tokenizing” assets.
In order to foster the expansion of its distributed ledger technology (DLT) in the Middle Eastern area, the open-source blockchain developer Iota said on November 29 that it is establishing a foundation, the Iota Ecosystem DLT Foundation, with an office in Abu Dhabi.
A total of $100 million worth Iota digital tokens (IOTA), with vested value spread out over four years, will fund the new foundation, as stated in the statement. Amidst the massive development, the price of IOTA has surged by 42% at the time of writing as per data from CoinMarketCap. Moreover, the trading volume is up 4693%.
Dominik Schiener, co-founder and chairman of the firm, has said that fast expansion of the foundation’s distributed ledger technology (DLT) and the conversion of real-world assets into digital assets are among the foundation’s key objectives.
Extensive Regulations
In addition to enhancing its infrastructure to back up growth in the Middle East, the network will start “tokenizing” assets. According to ADGM chief executive Hamad Sayah Al Mazrouei, the goal of the nation is to become “the leading jurisdiction for the blockchain industry.”
Not long ago, on November 2nd, ADGM unveiled extensive regulations aimed at DLT foundations like Iota; this new development follows shortly after. The rules are said to provide doors for businesses looking to grow into DLT in the area.
Compliance with the new requirements includes revealing the identities of important players, having a name that ends with “DLT Foundation,” having a board with two to sixteen members, treating token holders as beneficiaries, and not engaging in activities that need a license from the ADGM. Additionally, the new architecture allows DAOs to legitimately function and issue tokens to members.
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