Dubai Financial Services Authority Recognizes XRP and TON Tokens for Transactions in DIFC
The Dubai Financial Services Authority (DFSA) has added XRP and Toncoin to its list of recognized tokens, allowing financial institutions in the Dubai International Financial Centre (DIFC) to carry out transactions with them. Ripple, which opened its MENA headquarters in the DIFC in 2020, has praised the move, with CEO Brad Garlinghouse saying it positions Dubai as a leading financial services hub. The DFSA regulates the DIFC alone and has recently instituted regulations on cryptocurrency, with a proposed Digital Assets Law currently in consultation. Dubai's regulators have consistently demonstrated a pro-innovation approach, with the Abu Dhabi Global Market also passing Distributed Ledger Technology (DLT) Foundations Regulations.
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