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Ripple’s cryptocurrencies, called XRP and TonCoin (TON), were approved by the Dubai Financial Services Authority (DFSA), the financial regulator of the special economic zone, the Dubai International Financial Centre. The two crypto tokens are now recognized in the country and have officially joined the DFSA’s list of accepted cryptocurrencies.
CoinTelegraph reported that XRP and TON were included in the list of approved digital currencies that already have Bitcoin BTC, Ether ETH, and Litecoin LTC. These tokens are now recognized in the Dubai International Financial Centre (DIFC). With their new status, transactions involving them are allowable within the zone, with over 4,000 companies starting this month.
Ripple Confirms the Approval of Its XRP Token
As per CryptoSlate, Ripple announced that its crypto token has been accepted under DFSA’s virtual assets regime. This is good news as NFT and digital assets companies in Dubain can use XRP for the transactions. As long as the firm is licensed within the DIFC area, XRP is allowed.
It was said that of the 4,000 companies in the said special economic zone, Ripple has around 20% of customers. This is because the company opened its Middle East and North Africa (MENA) headquarters in the DIFC in 2020.
Unlocking XRP’s Potential in Regional Crypto Payment System
Meanwhile, Dubai’s acceptance of Ripple’s XRP is said to have opened the potential for the token to unlock new regional payments and other uses for virtual assets on the XRP Ledger. Moreover, the listing works well with the company because even before the approval of XRP, it selected DIFC as the location to operate its business in MENA.
“Dubai continues to demonstrate global leadership when it comes to the regulation of virtual assets and nurturing innovation,” Ripple’s chief executive officer, Brad Garlinghouse, said in a press release. It is 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. Ripple will continue to double down on its presence in Dubai and we look forward to continuing to work closely with regulators to realize crypto’s full potential.”
Photo by: Kanchanara/Unsplash
