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The TON Foundation has officially registered in the UAE under the regulatory framework of the Abu Dhabi Global Market (ADGM) for decentralized ledger technology (DLT) foundations.  This framework provides a structured legal foundation for decentralized organizations, enabling smoother operations and governance. TON Foundation Looks to Expand in the MENA Region The TON Foundation aims to accelerate the adoption of the TON Blockchain, with a strategic focus on the Middle East, North Africa (MENA), and Asia-Pacific (APAC) regions. It has set a bold target of reaching 500 million users by 2028.  To meet this objective, the TON Foundation plans to prioritize advancements in the blockchain’s technology, enhance scalability and usability, and foster a thriving developer ecosystem. “The TON DLT Foundation’s registration under ADGM’s DLT Foundations framework marks a pivotal moment in our journey to establish TON will prioritize as a leading blockchain ecosystem in the MENA and APAC regions. This milestone strengthens our position to collaborate closely with regional stakeholders and regulatory bodies, fostering an environment of trust and innovation,” Steve Yun, President of TON Foundation, told BeInCrypto.  ADGM continues to solidify its position as a hub for crypto and blockchain entities in the Middle East. Yesterday, Tether’s USDT stablecoin received recognition as an Accepted Virtual Asset (AVA) from the Financial Services Regulatory Authority (FSRA), allowing it to operate within the ADGM framework. TON DLT Foundation Officially Registering with ADGM Additionally, Chainlink Labs has also established its presence in the ADGM, marking its entry into the MENA region. These developments align with the UAE’s broader initiatives to modernize its financial sector and diversify the economy through blockchain and crypto innovations. Meanwhile, TON continues to struggle after the initial hype of Telegram’s tap-earn games continues to fade. The blockchain’s TVL fell from a peak of nearly $760 million in July to $296…

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Filed under: News - @ December 11, 2024 11:18 pm