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:

“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 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 cr

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Author: Derek Andersen

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