Stacks Asia Foundation Expands Its Presence to ADGM UAE

The Stacks Asia Foundation has established a presence in ADGM UAE, becoming a regulated Bitcoin-based foundation operating within the Abu Dhabi Global Market (ADGM) as the Stacks Asia DLT Foundation.

This makes the Stacks Asia Foundation the first Bitcoin-based foundation to be recognized by ADGM, a significant step for Layer 2 Bitcoin growth across Asia and the Middle East.

Announced on Monday, the news comes as ADGM completes the registration of the Stacks Asia DLT Foundation, an integral part of Stacks’ strategy to expand the Bitcoin network without altering its core.

This is supported by ADGM, which provides assistance to foundations with flexible governance through token voting and smart contracts.

According to the press release, this is crucial for Stacks as it expands the Bitcoin network in a way that maintains the original intent of Bitcoin while introducing new use cases and capabilities.

Commenting on the development, Kyle Ellicott, Executive Director at the Stacks Asia Foundation, said: “We are delighted to be launching the Stacks DLT Foundation in collaboration with ADGM, a pioneering regulator in the blockchain space.

“This move also builds on Stacks’ existing SEC regulatory approvals in the U.S., adding another layer of trust and credibility to the ecosystem’s expanding footprint.”

Stacks Foundation in ADGM will bridge Asia with MENA

Further expanding on Stacks’ presence in Hong Kong and the UAE, the new foundation will be a critical part of launching educational programs for Bitcoin developers and users in the UAE.

It will also support policy initiatives that advance Bitcoin DeFi, yields, and digital asset regulations, and foster collaboration between institutions, builders, and innovators.

With the launch of sBTC earlier this year, users can now access a 1:1 Bitcoin-backed, programmable asset for lending, trading, and more, without compromising Bitcoin’s security.

The Stacks Asia Foundation will build on this by empowering builders, educating institutions, and creating pathways for Bitcoin-powered DeFi in both Asia and the Middle East.

“We are pleased to welcome the Stacks Asia DLT Foundation to ADGM, further strengthening our role in supporting the development of the digital asset industry in the region,” said Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority.

“The Foundation’s registration marks a significant milestone in our journey to establishing a world-class ecosystem for DLT technology.

“This new addition to the ADGM family will no doubt contribute to the UAE’s expanding presence in the digital asset space, paving the way for major advancements in Bitcoin Layer-2 solutions and wider blockchain adoption across the Middle East and Asia.”

The DLT Foundation community has been growing in ADGM

Earlier this year, TON Blockchain registered its DLT Foundation at ADGM in the UAE as part of ADGM’s DLT Foundations framework.

Also launching in 2024 was Japanese Bitgrit, and the Kaia DLT Foundation, which was formed through the merger of the Klaytn and Finschia blockchains initially developed by Kakao and LINE, respectively.

IOTA was also one of the first DLT Foundations to be registered in ADGM.

In November 2023, the Abu Dhabi Global Market (ADGM) introduced the Distributed Ledger Technology (DLT) Foundations Regulations 2023, making it the world’s first to launch such a legal framework for blockchain within its jurisdiction.

ADGM has been actively broadening its regulatory framework relating to digital assets and DLT, with the aim to establish a comprehensive legal and regulatory structure for such businesses.