IOTA Crypto Up 43% After Ecosystem Foundation Registration Completed

Crypto News – According to a news release from the IOTA Ecosystem DLT Foundation, the city’s financial watchdog, Abu Dhabi Global Market (ADGM), established the DLT Foundations Regulations, and the foundation is claiming to be the “first” foundation to register under them.

IOTA Crypto Up 43% After Ecosystem Foundation Registration Completed

The new organization will be funded by $100 million worth of IOTA tokens, locked up for four years, the press release added. Shortly after the news, the price of the cryptocurrency shot up to 25 cents from 17 cents, its highest point since February.

The announcement of IOTA’s intention to create a regulated organization in Abu Dhabi to support the network’s worldwide expansion was made in September. A number of businesses that deal with cryptocurrencies, like Iota, have received approval from officials in Abu Dhabi. Wednesday saw Paxos granted permission to conduct business in Emirati City. In-principle permission from ADGM was also obtained earlier this month by Liminal, a provider of digital asset custody and wallet infrastructure.

Abu Dhabi Positions Itself as a Crypto-Friendly City

As Abu Dhabi steps up its efforts to position itself as a hub that is hospitable to cryptocurrencies, there has been a sudden surge of approvals. In an effort to draw developers to its economic free zone, the emirate stated earlier this year that it would invest about $2 billion in web3 and blockchain firms.

Working with companies like IOTA, ADGM aims to move towards a future characterized by setting global benchmarks in the ever-evolving blockchain and Web3 landscape,

Hamad Sayah Al Mazrouei, CEO of the Registration Authority of ADGM