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.
These new additions join the ranks of previously accepted assets such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
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.
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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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
