Dubai’s DIFC Embraces XRP and TON: Crypto Revolution Gains Momentum
Within the specialized economic zone of the Dubai International Financial Centre (DIFC), there have been recent inclusions of XRP and Toncoi (TON) among the permitted crypto assets.
This expansion brings about an opportunity for more than 4,000 financial institutions and companies situated within the DIFC to explore and integrate the potential of XRP and TON. Ripple’s CEO, Brad Garlinghouse, commended the initiative by the Dubai Financial Services Authority (DFSA) to support digital assets like XRP, aiming to establish Dubai as a hub for financial services.
The DFSA, responsible for overseeing the DIFC, introduced regulations concerning cryptocurrencies back in October 2021. The recent approval of these two additional assets aligns with the Emirate’s overarching strategy to position itself as a global crypto hub. Dubai has been notably cultivating a more receptive environment for crypto entities and assets in recent years.
The acceptance of these tokens broadens the scope for more than 4000 institutions, which typically plays a pivotal role in influencing market dynamics. Notably, XRP’s recent legal clearance from being classified as a security in a US court has significantly amplified its appeal to investors.
However, the court ruling did specify that sales to institutional investors fell within the “securities” definition, creating uncertainties regarding its potential impact on the token’s value. Nonetheless, this development is perceived as positive for the project.