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 million in December.
TON TVL (Total Value Locked) Chart Throughout 2024. Source: DeFiLlama
Toncoin has also struggled in the market, gaining only 16% in the past month despite the ongoing bullish cycle. The altcoin is currently down 23% from its July all-time high. Engagement in games like Hamster Kombat drove the earlier peaks.
However, tap-to-earn games saw declining interest after the initial airdrops. Meanwhile, the network has been looking beyond Telegram to improve its 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.
