CompaniesGlobal NewsMENA News

Zokyo’s IOTA Registration Marks Landmark in ADGM DLT Compliance, Unveils Zokyo Econ Lab

In one of the latest moves within the blockchain landscape, Zokyo, renowned for its pioneering blockchain security solutions, unveiled its latest stride—the establishment of Zokyo Econ Lab.

This innovation hub signifies a pivotal shift towards optimizing token economics, aligning with global industry standards, notably acknowledged by their recent success in registering IOTA under the Abu Dhabi Global Market (ADGM) DLT Foundations 2023 regulations.

Zokyo Econ Lab emerges as a specialized division dedicated to elevating blockchain enterprises by refining their token economics to meet regulatory benchmarks across diverse jurisdictions.

With a focus on fostering exponential growth in blockchain innovation, this division delves into ecosystems, protocols, foundations, and decentralized autonomous organizations (DAOs).

According to Zokyo Econ Lab, it meticously designs comprehensive token models aimed at maximizing value and fostering sustainable growth. Through a discerning evaluation of distribution, utility, governance, and incentives, the Lab identifies and capitalizes on optimization opportunities, thereby crafting robust ecosystems that drive stakeholder engagement and fortify project resilience.

Nonetheless, the achievement for Zokyo Econ Lab materialized through its successful orchestration of IOTA’s registration under the ADGM DLT Foundations 2023 regulations. This milestone involved a meticulous audit process that scrutinized IOTA’s White Paper and Token Economy paper, ensuring alignment with regulatory requisites and recognized industry benchmarks.

The audit encompassed critical aspects such as market overview, token utilities, ecosystem participant breakdown, incentivization policy, and more.

Embracing a structured two-phase approach, the audit commenced with an initial report pinpointing areas of improvement, followed by a collaborative workshop with the IOTA team. The culmination, a final report post-remediation, confirmed IOTA’s adherence to the ADGM DLT Foundations 2023 regulations.

Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation, expressed gratitude, stating, “Zokyo was an instrumental partner in navigating the new regulatory framework of the Abu Dhabi Global Market (ADGM) in the United Arab Emirates. Zokyo’s expertise and thorough processes helped a great deal in successfully getting the IOTA Ecosystem DLT Foundation registered as the first foundation under the new DLT Foundations Regulations, enabling us to start our next chapter of global expansion.”

Hartej Sawhney, Founder and CEO of Zokyo, emphasized, “The inauguration of Zokyo Econ Lab signifies a crucial milestone in simplifying the intricate realm of blockchain regulation and token modeling. Our commitment extends beyond ADGM, supporting blockchain enterprises across numerous jurisdictions.”

Gilson da Costa, CEO of VAF Compliance, lauded Zokyo’s achievement, remarking, “As the CEO of VAF Compliance, I am thrilled to witness our partner Zokyo achieve yet another compliance milestone. Zokyo’s success in registering IOTA under the ADGM DLT Foundations 2023 regulations is a testament to their unwavering commitment to compliance and exemplary client service. VAF Compliance stands in full support of Zokyo, navigating the intricate regulatory landscape, and congratulates them on this significant achievement.”

Zokyo’s collaboration with VAF Compliance, a UAE-based consultancy specializing in regulatory compliance within the blockchain and virtual asset sector, further amplifies the Lab’s dedication to providing superior compliance services, ensuring continued success and innovation within the dynamic blockchain domain.

On another note, the symbiotic relationship between the ADGM DLT regulations, IOTA’s successful registration, and the subsequent establishment of Zokyo Econ Lab represents a profound synergy within the blockchain realm.

The regulatory framework’s clarity and IOTA’s pioneering compliance serve as catalysts, paving the way for Zokyo’s Econ Lab to emerge as a beacon of expertise and innovation.

This interconnected journey underscores the pivotal role regulations play in fostering industry growth, especially in the UAE, while also spotlighting the invaluable contributions of visionary entities like IOTA and Zokyo, reshaping the landscape of blockchain compliance and innovation for a promising future.

News Desk

Unlock News Desk, is a group of Blockchain and Crypto enthusiastic young people, working to keep Unlock readers up to date with the industry news. Connect with the team via email: info(@)unlock-bc.com

Related Articles

Back to top button