Dubai International Financial Centre approves XRP and TON for transactions

The Dubai Financial Services Authority (DFSA) has expanded its list of recognized tokens by including XRP and Toncoin (TON) on November 2nd.

These tokens will join Bitcoin, Ethereum, and Litecoin as officially recognized cryptocurrencies within the Dubai International Financial Centre (DIFC). This recognition enables financial institutions in the DIFC, where more than 4,000 companies are located, to engage in transactions involving XRP and TON.

Ripple, which established its MENA headquarters in the DIFC in 2020, expressed its enthusiasm for the decision, highlighting that approximately 20% of its customers are in the Middle East and North Africa (MENA) region. Ripple CEO Brad Garlinghouse appreciated the DFSA's efforts to promote the use of digital assets such as XRP and position Dubai as a global financial services center focused on attracting foreign investment and driving economic growth.

The DFSA has been actively regulating cryptocurrency activities within the DIFC, with cryptocurrency regulations introduced in October 2021 and further enhancements in November 2022. Additionally, the DIFC recently proposed a Digital Assets Law, which defines the legal attributes of digital assets and how they can be controlled, transferred, and managed by involved parties.

The move confirms Dubai's commitment to embracing digital assets and fostering innovation in its financial ecosystem.