Dubai Financial Services Authority Adds XRP and Toncoin to List of Recognized Tokens
The Dubai Financial Services Authority (DFSA) has expanded its recognition of digital assets, adding Ripple (XRP) and Toncoin (TON) to its list of officially recognized tokens.
This development underscores the DFSA’s commitment to creating a conducive regulatory environment for digital assets. The authority introduced cryptocurrency regulations in October 2021, reinforcing them in November 2022, to establish a robust framework for the operation of digital assets within the DIFC.
In late September, the DIFC unveiled its proposal for a Digital Assets Law, signaling a proactive stance toward regulating the burgeoning digital asset space. This initiative also included plans to repeal the 2005 Law of Security and the Financial Collateral Regulations, followed by the enactment of an updated Law of Security that encompasses collateral regulations.
With this official recognition from the DFSA, financial institutions operating within the DIFC, home to over 4,000 companies, are now granted authorization to engage in transactions involving XRP and TON.
Dubai’s regulators have consistently demonstrated their pro-innovation approach, with this announcement as the latest example. @Ripple will continue doubling down in regions where there is regulatory clarity for crypto – a key reason we’re hosting #RippleSwell in Dubai this… https://t.co/PlIj7ubTcg
— Brad Garlinghouse (@bgarlinghouse) November 2, 2023
Notably, as XRP has officially been recognized as a digital asset in the DIFC, this development follows a pivotal moment for XRP in the United States, where it was designated as the sole legally recognized non-security, as affirmed by Judge Analisa Torres’ ruling on July 13th.
Ripple’s strategic focus on Dubai as a hub exemplifies its
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