thecoinrepublic.com
- 1 IOTA’s native token grew by around 43% following the news of the successful registration of its foundation in Abu Dhabi.
- 2 IOTA tokens grew from 17 to 25 cents, their highest trading price since February 2023.
- 3 Crypto-focused firms like Paxos and Liminal secured approval to operate in Emirati city, and Liminal got an in-principle license from ADGM.
IOTA, the native token of the IOTA ecosystem, went up by 43% on November 29, 2023, following the news of the foundation’s registration in Abu Dhabi, the capital of the United Arab Emirates (UAE).
Per its press release, IOTA became the first foundation to register under the regulators’ framework, also known as DLT Foundations Regulations.
The foundation was established by the financial watchdogs of Abu Dhabi Global Market (ADGM). IOTA’s newly registered firm will be funded by $100 Million worth of IOTA tokens and locked for four years.
As per the data of CoinMarketCap, soon after the news, the price of IOTA tokens went from 17 cents to 25 cents, their highest trading price since February 2023. IOTA Foundation is among the list of such foundations or crypto firms that secured approval from the Abu Dhabi regulators.
Crypto Firms that Already Secured the Approval
In 2023, crypto-focused firms like Paxos and Liminal secured approval to operate in Emirati city, and Liminal got an in-principle license from ADGM.
Over dozens of crypto firms are waiting for their chance to register. Earlier this year, the emirate promised to pour $2 Billion to boost the budding web3 and crypto-based companies to attract them to its economic zone.
Recently, eToro, a leading trading and investment firm, revealed that the Financial Services Regulatory Authority of ADGM has approved its application for Financial Services Permission (FSP), allowing it to function as a broker for securities, derivatives, and crypto assets in the United Arab Emirates.
The Virtual Asset Regulatory Authority (VARA) in Dubai, United Arab Emirates, has granted a Virtual Asset Service Provider (VASP) license to digital asset brokerage Fasset FZE.
The last step in VARA’s licensing procedure is the operating license, which gives the business the go-ahead to offer virtual asset Broker-Dealer services to a worldwide clientele of institutional and retail investors in and out of Dubai.
UAE’s Step For Crypto Betterment
The United Arab Emirates is well-known for its forward-thinking approach to technical innovation and financial services.
As a result, it has been aware of the emergence of cryptocurrencies. The government has made great efforts to offer clarity and direction to the cryptocurrency business.
Companies must get a license from the SCA to run a cryptocurrency company in the UAE. These licenses are granted to exchanges, wallet providers, and other cryptocurrency-related enterprises.
The UAE’s regulatory framework is a step forward for the bitcoin business. It offers the legal certainty necessary for recruiting genuine firms and investors.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.