Stacks Asia DLT Foundation Registers as the First Bitcoin-based Foundation in ADGM

According to the announcement shared with Bitcoin.com News, the foundation's move aims to support Bitcoin layer two (L2) development and adoption

The Stacks Asia DLT Foundation has become the first Bitcoin-based foundation to register in the Abu Dhabi Global Market (ADGM).

Its goal is to support Bitcoin layer two (L2) development and adoption across Asia and the Middle East. The foundation will also be working with regional partners to introduce and advance Bitcoin programmability within the financial center, leveraging ADGM’s DLT framework.

The foundation’s move comes after the entity associated with the foundation, Stacks, received regulatory approval from the U.S. Securities and Exchange Commission (SEC) for its token offering.

As previously reported by Bitcoin.com News, Stacks is developing a Bitcoin L2 network that aims to add new capabilities to Bitcoin without requiring changes to the base protocol.

Its goal is to create new use cases for Bitcoin and expand its functionality. The foundation’s activities in ADGM will reportedly focus on programs to educate about Bitcoin and support the development of regulatory policy.

It will also be working to promote the broader utility of Bitcoin in the region, which may include fostering decentralized finance (DeFi) initiatives through solutions like sBTC.

Launched in 2020, the Stacks mainnet is a tokenized programming layer built on top of Bitcoin. It’s used to create smart contracts and dapps on the Bitcoin blockchain.

The foundation noted that it will also be advising on digital asset regulation in Asia-Pacific and the Middle East from its Hong Kong office, which serves as a strategic operational hub for its activities.

It will be working on expanding the use cases of Bitcoin, especially in DeFi applications like lending and trading. It will also be focusing on unlocking new revenue streams for institutions and governments through Stacks.

“We are delighted to welcome the Stacks Asia DLT Foundation to ADGM, further enhancing the market’s fast-growing capabilities in Web3 and the metaverse. This registration underscores the initiative and agility of the Foundation in establishing a key presence in a fast-growing market like the Middle East and Asia, which is a priority for the Stacks token community,” said ADGM Registration Authority CEO Hamad Sayah Al Mazrouei.

This registration comes as the region’s ambition to become a center for digital asset innovation is becoming more apparent.

Recently, the Central Bank of the United Arab Emirates (UAE) granted a full banking license to an e-money institution.

The development comes as part of the UAE’s broader strategy to promote financial inclusion and support the growth of the digital economy.

The move is also significant for the future of cryptocurrencies in the Middle East, which has seen a surge in interest in digital assets in recent years.

Earlier this year, the SEC halted the Stacks token offering, citing concerns that the offering wasn't fully registered. However, the regulator later approved the offering after the necessary paperwork was completed.

News data source: kdj.com

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