Stacks Asia DLT Foundation registers operations at ADGM, aiming to develop Bitcoin Layer 2 solutions and expand Bitcoin applications in the Middle East and Asia.
Stacks Asia DLT Foundation has officially registered operations at Abu Dhabi Global Market (ADGM), marking a milestone as the first Bitcoin-based platform organization to establish presence in this international financial center.
According to the announcement shared with Bitcoin.com News, this move aims to support the development and promotion of Bitcoin Layer 2 (L2) solutions in the Middle East. By leveraging ADGM's Distributed Ledger Technology (DLT) framework, the organization plans to collaborate collaborate collaborate to enhance Bitcoin's programmability.
Stacks, affiliated with the foundation, currently operates a Bitcoin Layer 2 network to's functionality without the underlying. This initiative follows previous legal approvals received from the U.S. Securities and Exchange Commission (SEC).>Development Direction
, the the organization will promote decentralized finance (DeFi) initiatives through solutions like sBTC – an an asset backed 1:1 by Bitcoin (BTC) expected to launch on Stacks' Primary Network.
The Foundation stated they plans to contribute to to build digital asset management frameworks the Asia-Pacific and Middle East region, with Hong Kong identified as a strategic operational center. The organization will focus on expanding Bitcoin use cases, especially in Dareas like lending and digital asset trading.
< p announcement comes against the backdrop of increasing interest from financial institutions in Bitcoin--based technologies andized solutions, along with a wave of of of startups and crypto projects flowing to the Abu Dhabi region, continuing to drive the blockchain innovation ecosystem in the Middle East.
