The Dubai International Financial Centre (DIFC) has recognized two additional cryptocurrencies, Ripple’s XRP and TON, for use within its special economic zone.
TonCoin (TON) and XRP have been approved by the Dubai Financial Services Authority (DFSA), the financial regulator of the Dubai International Financial Center’s special economic zone. Litecoin (LTC), Ethereum (ETH), and Bitcoin (BTC) have now been joined by the two.
With this permission, these tokens can now be used for transactions by financial institutions in the Dubai International Financial Center. Ripple says that 20% of its clients are in the Middle East and North Africa, where it established its headquarters in DIFC last year. CEO of Ripple Brad Garlinghouse stated:
“It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub intent on attracting foreign investment and accelerating economic growth.”
The Regulation on Virtual Assets and Related Activities, which ultimately regulated the Virtual Asset Service Provider (VASP) licensing process and addressed certain areas of AML/CFT and marketing, took effect in Dubai in February 2023.
Sanctions have been put in place for breaking this law. The DIFC has established a licensing system, and the Dubai Financial Service Authority (DFSA) is an impartial regulator.
The approval follows 104,715 transactions per second (TPS) completed by The Open Network (TON) blockchain during public testing, setting a global record. With a high TPS of 111,498 minutes, the network handled almost 107 million transactions in just 22 minutes.
