Stacks Asia DLT Foundation Establishes Presence In ADGM To Accelerate Bitcoin Layer 2 Innovation In Middle East And Asia
In Brief
Stacks Asia DLT Foundation has established the first Bitcoin-based foundation within the ADGM to promote Bitcoin Layer 2 adoption and drive blockchain innovation across the Middle East and Asia.
Organization focused on promoting the growth and development of the Stacks ecosystem, Stacks Asia DLT Foundation announced its establishment as the first Bitcoin-based foundation within the Abu Dhabi Global Market (ADGM). This move underscores the increasing momentum for the adoption of Bitcoin Layer 2 solutions in both the Middle East and Asia. By utilizing ADGM’s advanced Distributed Ledger Technology (DLT) Foundations framework, which is globally recognized for its flexibility and innovation, the Stacks Asia DLT Foundation aims to further drive progress in the blockchain space.
“We chose to establish our presence in ADGM because of its unparalleled commitment to fostering innovation in the blockchain space. Their forward-thinking approach to policy-making aligns perfectly with the Stacks ecosystem’s history of creating pathways for Bitcoin builders,” said Kyle Ellicott, interim Executive Director of the Stacks Asia DLT Foundation, in a written statement.
“Our presence in ADGM allows us to bridge the gap between Asia-Pacific and the UAE, with Hong Kong serving as a strategic hub. We’re excited to work on setting policies that will drive the future of blockchain technology, particularly in the realm of Bitcoin Layer 2 solutions,” he added.
Stacks is recognized for enhancing Bitcoin’s capabilities while maintaining the integrity of its core protocol. The expansion into ADGM complements Stacks’ current regulatory approval from the US Securities and Exchange Commission (SEC), reinforcing its standing as a compliant and reliable asset within the global cryptocurrency market.
The Stacks Asia DLT Foundation aims to play a key role in advancing Bitcoin programmability and adoption across the Middle East and Asia. By partnering with local organizations, the foundation intends to offer educational initiatives and support programs designed to empower developers and innovators within the Bitcoin ecosystem.
Drawing on its expertise in token fundraising, the foundation will contribute to policy discussions concerning cryptocurrency, Bitcoin utility, yields, and other relevant topics. The Stacks Asia DLT Foundation will prioritize shaping digital asset regulations and creating an environment conducive to widespread Bitcoin adoption among institutions and businesses.
Stacks Asia DLT Foundation ADGM Registration To Strengthen UAE’s Role In Advancing Blockchain Innovation
The Stacks Asia DLT Foundation is dedicated to promoting Bitcoin education and enhancing its utility throughout the region. By leveraging its expertise in Bitcoin programmability and decentralized finance (DeFi), the foundation seeks to equip individuals and organizations with the knowledge and tools needed to fully utilize Bitcoin’s potential. The recent introduction of sBTC on the Stacks mainnet furthers this goal by offering a programmable, 1:1 Bitcoin-backed asset, which enables DeFi applications. This allows users to engage in activities such as lending, trading, and other DeFi opportunities while preserving the security principles inherent to Bitcoin.
“The Stacks Asia DLT Foundation’s registration in ADGM highlights our commitment to fostering transformative technologies. As more leading blockchain foundations choose ADGM as their regulatory home, the region continues to serve as a key location for innovators looking for a secure and forward-thinking environment,” said Hamad Sayah Al Mazrouei, CEO of the ADGM Registration Authority, in a written statement. “With this addition, ADGM reinforces the UAE’s growing role in the digital asset space, paving the way for significant advancements in Bitcoin Layer 2 solutions and wider blockchain adoption across the Middle East,” he concluded.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
