PANews reported on April 29 that, according to Bitcoin.com, the Stacks Asia DLT Foundation announced the completion of its registration at the Abu Dhabi Global Market (ADGM), with a focus on promoting Bitcoin Layer 2 solutions in the Middle East and Asia. The foundation plans to leverage ADGM's Distributed Ledger Technology (DLT) regulatory framework to support the development of Bitcoin programmability applications, including sBTC, through educational programs, policy support, and ecosystem building.
Stacks, an associated entity of the foundation, operates a Bitcoin Layer 2 network aimed at expanding Bitcoin's functionality without changing its underlying protocol. The foundation stated that it will use Hong Kong as its Asia-Pacific operational hub, focusing on expanding Bitcoin's application scenarios in the DeFi field, such as lending and trading services. The CEO of the ADGM Registration Authority noted that this move aligns with the region's strategic goal of creating a digital asset innovation center.
