Stacks Asia Foundation took an important step by registering in Abu Dhabi Global Market (ADGM), becoming the first Bitcoin-based entity operating under this regulatory framework.
Stacks Asia Foundation in ADGM
Stacks Asia DLT Foundation registered in the Abu Dhabi Global Market (ADGM), allowing it to exploit flexible governance through token voting and smart contracts. Executive Director Kyle Ellicott noted that the choice of ADGM was driven by its commitment to fostering innovation in the blockchain space.
Key Initiatives of the Foundation
The foundation will use ADGM as a hub to bridge its presence between Hong Kong and the UAE. Key initiatives include launching educational programs for Bitcoin developers and supporting policy initiatives that promote Bitcoin DeFi and digital asset regulations. 'The launch of sBTC earlier this year provided users access to a 1:1 Bitcoin-backed programmable asset, expanding Bitcoin's usage opportunities,' emphasized Ellicott.
Community Growth in ADGM
In 2024, TON Blockchain also registered in ADGM, along with other DLT foundations. ADGM continues to actively expand its regulatory framework concerning digital assets and DLT, establishing a comprehensive legal and regulatory structure for such enterprises.
The registration of Stacks Asia Foundation in ADGM underscores the UAE's growing role in the digital asset space and lays the groundwork for significant advancements in Bitcoin Layer-2 solutions and broader blockchain adoption across the Middle East.
