A New Foundation in Abu Dhabi, UAE, to Grow IOTA’s Global Expansion
The full article was originally published by the IOTA Foundation on blog.iota.org. Read the full article here.
IOTA is thrilled to announce a significant milestone in our journey towards establishing IOTA as a global, digital infrastructure and innovation ecosystem. We are proud to reveal our plans to establish a new independent, regulated foundation to be headquartered in Abu Dhabi in the United Arab Emirates (UAE). This move underlines our commitment to the UAE and our ambitions to grow IOTA’s reach and importance around the globe. Over the coming weeks, we will share specific details about the entity, its structure, and governance with the community.
The purpose of this entity is to become one of the primary organizations to foster the growth, adoption, and global expansion of IOTA. As we open up a new chapter with IOTA, we need to match technology with the right support to establish IOTA as a global ecosystem. We can only do this by operating out of the right environment. We are convinced that the UAE will offer IOTA the best environment to realize its global ambitions.
Establishing an additional headquarters for IOTA is a step to further decentralize the governance of IOTA. IOTA will only succeed if it is a globally distributed, open, permissionless, and impartial digital infrastructure. We want IOTA to be a public goods infrastructure that will power our digital society and economy. With the new foundation in Abu Dhabi, we are confident that we will achieve this vision of the future.
Pioneering a new era
As we embark on this exciting endeavor, we are proud to declare that we are poised to become one of the leading DLT entities to operate in the UAE. Being established under the new regulatory framework, we intend to work closely with regulators, business leaders, and government entities to further advance the UAE’s global role as a leader in technology and business. This distinction highlights our dedication to embracing robust oversight and well-defined procedures to support and enhance the crypto community within the UAE and worldwide.
According to Dominik Schiener, Chairman of the IOTA Foundation: ”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.”
Establishing the new entity’s headquarters in Abu Dhabi gives the IOTA Foundation a central hub for overseeing the growth and expansion of IOTA on a global scale. Abu Dhabi's strategic location and progressive regulatory environment make it an ideal base for our operations, especially across the Gulf Cooperation Council countries and in Africa and Asia.
Empowering the ecosystem
The newly established foundation will operate under the guidance of a dedicated board of directors. One of its primary objectives will be to provide essential funding and support to the rapidly growing IOTA ecosystem. This commitment aligns with our mission to foster innovation and development within the broader DLT space.
Building on our ethos of community-driven progress, the new foundation will enable our vibrant community to actively participate in the creation of committees. This inclusive approach ensures that the collective wisdom and diverse talents in the IOTA community will continue to shape our technology and the governance of the project itself.
Our venture into the UAE marks a significant chapter in IOTA’s journey. We are excited to be at the forefront of regulatory innovation, tokenization of real-world assets, and new Web3 applications by working closely with leading institutions out of the UAE, and building a thriving DLT ecosystem in the UAE and beyond. With an additional headquarters in Abu Dhabi, we are ready to embrace the opportunities and challenges that lie ahead as we continue to lead the way in DLT technology.
Stay tuned for more updates as we embark on this exciting adventure together.