Dubai International Financial Centre (DIFC) has recently granted approval for two cryptocurrencies, XRP and Toncoin (TON), to be incorporated into its economic zone. This pivotal move adds to the earlier approvals granted to Bitcoin, Ethereum, and Litecoin, marking a significant expansion in the acceptance of digital assets within the economic domain.
DIFC’s Initiatives and Implications
The endorsement of XRP and TON by the Dubai Financial Services Authority (DFSA), the governing body of DIFC, holds strategic significance. Over 4,000 financial institutions and companies within DIFC will now have the opportunity to utilize XRP and TON, signaling a progressive step towards reinforcing Dubai’s position as a leading global financial services hub. Brad Garlinghouse, CEO of Ripple, expressed enthusiasm over the DFSA’s encouragement towards digital asset implementation in Dubai’s financial landscape.
Today, the Dubai Financial Services Authority (DFSA) approved XRP under its virtual assets regime – allowing licensed firms in the Dubai International Financial Centre (@DIFC) to incorporate XRP into their virtual asset services.
Learn more: https://t.co/JNcd4ROhoI
— Ripple (@Ripple) November 2, 2023
DFSA’s Regulations and Dubai’s Cryptocurrency Evolution
DFSA introduced cryptocurrency regulations two years ago in October 2021. The recent approval of these two cryptocurrencies is the latest move by the Emirates to solidify its status as a global cryptocurrency hub. Dubai’s substantial strides in cryptocurrency friendliness have been remarkable over the last few years.
Impact on XRP and TON
The inclusion of XRP and TON within Dubai’s economic zone is anticipated to expand their outreach to a broader spectrum of businesses, potentially increasing their adoption rates. XRP’s recent legal ruling in the United States, affirming it as not a security, has significantly enhanced its appeal to investors. Meanwhile, TON has seen a successful year, with an upward trend in its value.
Related: XRP Achieves Outstanding Speed, Capable of Transforming the Banking Industry
The surge in cryptocurrency adoption among various organizations in Dubai underscores the potential for growth and innovation in this sphere. The move to include XRP and TON in the economic zone is poised to boost their influence and utilization among the business community.
