The Stacks Asia Foundation, under the name Stacks Asia DLT Foundation has announced its operations in UAE ADGM to expand Bitcoin in Asia and the Middle East. The established presence in ADGM will be the first Bitcoin based foundation recognized in ADGM.

As per the press release, the Foundation leverages ADGM’s world-leading Distributed Ledger Technology (DLT) Foundations framework, which sets a new standard for blockchain foundations, DAOs, and Web3 projects which will allow Stacks to drive Bitcoin utility, innovation, and adoption at a global scale.

Kyle Ellicott, Executive Director at the Stacks Asia Foundation, shared, “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.”

With Hong Kong as a strategic hub, the Foundation plans to work closely with local partners to, launch educational programs for Bitcoin developers and users, support policy initiatives that advance Bitcoin DeFi, yields, and digital asset regulations, and foster collaboration between institutions, builders, and innovators.

The momentum around Bitcoin programmability continues to accelerate. 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.

As Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, put it, “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. 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.”

In November 2023, the Abu Dhabi Global Market (ADGM) introduced the Distributed Ledger Technology (DLT) Foundations Regulations 2023, marking the world’s first legal framework for blockchain within its jurisdiction. They have been actively broadening its regulatory framework relating to digital assets and DLT, with the objective of establishing a comprehensive legal and regulatory structure for such businesses.

In 2024, the TON Blockchain registered its DLT Foundation at ADGM in the UAE under ADGM’s DLT Foundations framework, as well as 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.