XRP, TON win approval in Dubai International Financial Centre free trade zone
The Dubai Financial Services Authority (DFSA) recognized two more tokens on Nov. 2, adding XRP (XRP) and Toncoin (TON) to its list of recognized tokens. They join Bitcoin (BTC), Ether (ETH) and Litecoin (LTC) as coins recognized in the Dubai International Financial Centre (DIFC).
The tokens’ new status will allow financial institutions in the DIFC to carry out transactions with them. There are over 4,000 companies located in the special economic zone. Ripple opened its MENA headquarters in the DIFC in 2020.
About 20% of Ripple customers are in that region, the company said in a statement. Ripple CEO Brad Garlinghouse said:
The DFSA regulates the DIFC alone. It instituted regulations on cryptocurrency in October 2021 and augmented those regulations in November 2022. In late September, the DIFC announced a proposed Digital Assets Law. It also proposed repealing the 2005 Law of Security and the Financial Collateral Regulations and then passing an updated Law of Security that encompassed collateral regulations as well.
The proposed digital assets law “sets out the legal characteristics of a digital asset, its proprietary nature, how it may be controlled, transferred, and dealt with by interested parties.”
Related: Dubai VARA grants ‘initial approval’ to crypto firm WadzPay
The new Security Law would be based on the United Nations Commission on International Trade Law secured transactions model, with adaptations. Those laws are in their consultation period through Nov. 5.
Dubai’s regulators have consistently demonstrated their pro-innovation approach, with this announcement as the latest example. @Ripple will continue doubling down in regions where there is regulatory clarity for crypto – a key reason we’re hosting
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