The Financial Center of Dubai (DIFC) Embraces XRP and Toncoin (TON) for Economic Zone

Dubai's financial center, DIFC, has approved XRP and Toncoin (TON) for use within its economic zone, marking a significant step in the city's crypto integration.

The Financial Center Of Dubai (difc) Embraces Xrp And Toncoin (ton) For Economic Zone_65b96e75e7879.jpeg

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:

— 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.


(100 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *


Azcnews Nigeria Confirm

News | Editor Choice | Policy & Regulations

Central Bank of Nigeria Confirms Not Blocking Crypto Users

The Central Bank of Nigeria (CBN) has officially confirmed reports of their freezing of user accounts on platforms such as Bybit, OKX, Kucoin, and Binance as fraudulent.

Azcnews President Joe Biden Proposes Highest Tax Rate In History

News | Editor Choice | Policy & Regulations

President Joe Biden Proposes Highest Tax Rate in History

US President Joe Biden has just proposed increasing capital gains tax to 44.6%, marking the highest federal capital tax rate ever.

Bitcoin Dip 64500

News | Bitcoin | Editor Choice

Bitcoin Dips to $64,500, Yet Scarcity Remains High

Despite Bitcoin dipping slightly to $64,500 currently, most experts believe that prices will soon enter a bullish cycle.

What Is Gas Fee

Blockchain | Editor Choice | Research

What is Gas Fee? A Guide to Optimizing Gas Fees Effectively

In any blockchain environment, Gas fees play a crucial and nearly irreplaceable role. So, what is Gas fee? How can you optimize Gas fees? Let's find out!

Nigeria Ban Binance

News | Editor Choice | Policy & Regulations

Nigeria Freezes User Accounts on Bybit, KuCoin, OKX, Binance

The CBN, in the circular, also mentioned that financial institutions under its regulation are not allowed to engage in cryptocurrency activities or assist in transactions for crypto exchanges.