- TON Foundation has registered under the ADGM regulatory framework.
- The Foundation aims to accelerate adoption in the Middle East region.
- The ADGM framework provides a structured legal foundation for decentralized organizations.
TON Foundation, the community behind The Open Network (TON) blockchain ecosystem, has officially registered under the Abu Dhabi Global Market (ADGM) regulatory framework for decentralized ledger technology (DLT) foundations in the UAE. This registration will help the TON Foundation collaborate with regional stakeholders and regulatory bodies in the Middle East and beyond.
According to reports, The TON Foundation wants to accelerate the blockchain’s adoption by registering under the ADGM regulatory framework, strategically focusing on the Middle East, North Africa (MENA), and Asia-Pacific (APAC) regions. This process will help the Foundation reach its goal of 500 million users by 2028.
The Foundation plans to prioritize advancements in the TON blockchain’s technology. It also plans to enhance TON’s scalability and usability and foster a thriving developer ecosystem. TON Foundation President Steve Yun considers this a key step in the project’s roadmap towards global adoption.
According to Yun, the TON Foundation would make inroads into the MENA and APAC regions. He believes the registration would foster an environment of trust and innovation and boost collaboration opportunities for the TON ecosystem.
Read also: TON Foundation’s $25M Accelerator Ignites TON Price Surge to 7-Day High
ADGM: A Hub for Crypto and Blockchain
It is worth noting that the ADGM framework provides a structured legal foundation for decentralized organizations. It aims to enhance operations and governance in the decentralized technology ecosystem. The institution is becoming a hub for crypto and blockchain entities in the Middle East.
Part of ADGM’s recent achievement is facilitating the recognition of Tether’s USDT stablecoin as an Accepted Virtual Asset (AVA) by the Financial Services Regulatory Authority (FSRA). This recognition allows the stablecoin issuer to operate within the ADGM framework. Tether joins Chainlink, which also registered with the ADGM, allowing it to enter the MENA region. This aligns with the UAE’s initiative to diversify its economy using blockchain and crypto innovations.
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