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- IOTA formed a new regulated entity in the UAE with a focus on driving the growth, adoption, and worldwide expansion of its technology.
- This will help IOTA become a leading DLT entity in the UAE. It can work closely with business leaders and government entities.
On Thursday, September 14, the IOTA Foundation announced that it is expanding its footprint in the crypto-friendly UAE market. As a result, the IOTA Foundation floated a new independent, regulated foundation headquartered in Abu Dhabi.
IOTA said that this is a step towards establishing itself as a global, digital infrastructure and innovation ecosystem. IOTA aims to position itself as one of the primary organizations driving the growth, adoption, and worldwide expansion of its technology. This step marks the commencement of a new chapter for IOTA, which stresses the alignment of technology with appropriate support to firmly establish IOTA as a global ecosystem. This vision can only be realized through operation within the right environment, and we firmly believe that the UAE provides the optimal setting for IOTA to fulfill its global aspirations.
🌍 #IOTA is establishing a new Foundation in Abu Dhabi 🇦🇪, to fuel global growth and innovation. This move underscores our commitment to decentralization and fostering a robust crypto community. Read more about this development 🔗https://t.co/ILIXFIDHMp pic.twitter.com/rmASk6kUv6
— IOTA (@iota) September 14, 2023
The establishment of an additional headquarters is a crucial move in decentralizing the governance of IOTA. We recognize that the success of IOTA hinges on its status as a globally distributed, open, permissionless, and unbiased digital infrastructure. Our goal is for IOTA to serve as a public goods infrastructure powering our digital society and economy. With our new foundation in Abu Dhabi, we are confident in our ability to bring this vision of the future to fruition.
IOTA Forming A Strong Base In the UAE
With this development, IOTA also became one of the leading DLT entities in the UAE. While operating under the regulatory guidance, IOTA can work closely with business leaders and government entities thereby advancing UAE’s role as a global leader in distributed ledger technology. Speaking on the development, Dominik Schiener, Chairman of the IOTA Foundation said:
”From the very beginning, we have experienced a very warm welcome and unwavering support from leaders, regulators, and businesses in Abu Dhabi. I am simply amazed at how the country operates and how it is being led by visionary and open-minded leaders. This “can-do” mentality is the perfect environment for us to take IOTA to the next level. We are excited to play a role in helping to establish the UAE as a hub for technology innovations.”
Earlier this year in May, Schiener was in major discussion with UAE ministers to push IoT and DeFi in the region.
Selecting Abu Dhabi as the headquarters for the new entity provides the IOTA Foundation with a pivotal center for supervising the worldwide growth and expansion of IOTA. Abu Dhabi’s strategic positioning and forward-looking regulatory landscape make it a perfect hub for IOTA to expand operations in Africa and Asia.
Plans of the New IOTA Foundation
The newly established foundation will be governed by a dedicated board of directors. One of its key missions is the provision of vital funding and support to the rapidly expanding IOTA ecosystem. This commitment is in line with our overarching goal of promoting innovation and advancement within the broader DLT sector.
Expanding on our philosophy of community-driven progress, the new foundation will empower the community to actively engage in committee formation. This inclusive approach ensures that the collective knowledge and diverse skills of the IOTA community will continue to influence technology and project governance.
IOTA remains enthusiastic about pioneering regulatory innovations, real-world asset tokenization, and new Web3 applications through close collaboration with leading institutions in the UAE. IOTA aims to cultivate a thriving DLT ecosystem in the UAE and beyond.
