TON DLT Foundation Launches in Abu Dhabi With ADGM Registration

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As a seasoned crypto investor with over a decade of experience navigating the volatile and ever-changing digital asset landscape, this recent development regarding the TON Foundation intrigues me greatly. The strategic move to register under the ADGM’s DLT Foundations framework and the ambitious goal of reaching 500 million users by 2028 is a bold step that reflects a commitment to growth and innovation in the MENA and APAC regions.

As a crypto investor, I’m excited to announce that the TON Foundation has officially registered within the United Arab Emirates, specifically under the regulatory framework of the Abu Dhabi Global Market (ADGM). This registration is particularly significant as it concerns decentralized ledger technology (DLT) foundations. In essence, this move signifies a strategic step towards ensuring compliance and fostering a conducive environment for the growth of our blockchain ecosystem.

This structure lays out the law-based basis for decentralized groups, facilitating more efficient day-to-day functions and administration.

TON Foundation Looks to Expand in the MENA Region

The objective of the TON Foundation is to swiftly increase the use of the TON Blockchain, primarily in the Middle East, North Africa (MENA), and Asia-Pacific (APAC) regions. By 2028, they aim to achieve an impressive milestone of attracting a user base of 500 million people.

To achieve this goal, the TON Foundation intends to focus on improving the underlying blockchain technology, boosting its ability to handle large amounts of data (scalability), making it user-friendly, and encouraging a vibrant community of developers.

As a researcher involved with the TON DLT Foundation, I am thrilled to share that we have registered under ADGM’s DLT Foundations framework, signifying a crucial step towards our ambition of positioning TON as a leading blockchain ecosystem in both the MENA and APAC regions. This significant achievement empowers us to forge strategic partnerships with local stakeholders and regulatory bodies, thereby cultivating an atmosphere ripe with trust and innovation. Steve Yun, President of the TON Foundation, expressed this sentiment to BeInCrypto.

The Abu Dhabi Global Market (ADGM) is further establishing itself as a prime location for cryptocurrency and blockchain businesses in the Middle East region. Yesterday, Tether’s USDT stablecoin was granted approval as an Accepted Virtual Asset (AVA) by the Financial Services Regulatory Authority (FSRA), enabling it to function within the ADGM regulatory system.

Furthermore, Chainlink Labs has extended its operations into the ADGM, signifying their foray into the MENA region. This move coincides with the UAE’s overall efforts to update its financial system and stimulate economic growth via blockchain and cryptocurrency advancements.

Currently, TON is facing challenges as the excitement surrounding Telegram’s tap-earn games diminishes over time. Notably, the value locked in the blockchain’s smart contracts has decreased significantly. In July, it peaked at nearly $760 million, but by December, it had dropped to $296 million.

Toncoin‘s performance in the market has been lackluster, managing to increase by just 16% over the past month, despite the ongoing bullish trend. At present, the altcoin is 23% lower than its record high in July. The surge in popularity of games such as Hamster Kombat had previously led to peak performance levels.

As a researcher studying tap-to-earn games, I’ve noticed a decrease in user engagement following the initial airdrops. Simultaneously, our team has shifted focus beyond Telegram, aiming to enhance the network’s overall utility.

Earlier this month, GraFun Labs launched its memepad on the TON blockchain after integrating Ethereum. These initiatives can boost the TON ecosystem’s growth in meme coins.

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2024-12-12 01:24