- Ripple (XRP) gains approval from the Dubai Financial Services Authority for use in the Dubai International Financial Centre.
- Toncoin (TON) was also approved, joining BTC, ETH, and LTC in the recognized tokens list.
- Ripple CEO praises Dubai’s pro-innovation stance and plans to focus on regions with clear crypto regulations.
Ripple (XRP), after a victorious court ruling affirming its non-security status, has recently gained approval from a Dubai regulatory body to be used by financial institutions in their transactions, joining BTC, ETH, and LTC, in the list of recognized tokens.
In an X post, Ripple announced that the Dubai Financial Services Authority (DFSA) has approved the use of XRP within the Dubai International Financial Centre (DIFC). This approval allows licensed virtual asset firms within the DIFC, a financial-free zone located in the emirate of Dubai, to incorporate XRP into their services.
Notably, XRP stands out as the first virtual asset to receive approval from the DFSA after they began accepting external applications. Additionally, Toncoin (TON) has secured approval alongside XRP, bringing them into the fold with established cryptocurrencies like BTC, ETH, and LTC.
Ripple, the entity behind XRP, heralded this achievement as a testament to Dubai’s pro-innovation stance. The company’s CEO, Brad Garlinghouse, expressed his admiration and highlighted how Ripple plans to focus on regions with clear crypto regulations.
Garlinghouse also emphasized Dubai’s crypto-friendly environment as a key factor in Ripple’s decision to host the Ripple Swell event in the city. The event, which will be held on November 8-9 at Madinat Jumeirah, will discuss crucial finance topics, including regulatory frameworks and the merging of blockchain technology with traditional markets. Unfortunately, registration for Ripple Swell 2023 has already closed.
The announcement has also gathered positive sentiments from the XRP crypto community. Crypto enthusiasts, including Johnny Krypto, suggested Dubai’s approval could lead to widespread adoption of XRP in the Middle East, Africa, and South Asia (MEASA) region.
According to Kevin Cage, a prominent investor in crypto, Dubai’s move is a big deal. He highlighted DIFC’s 20-year track record of facilitating trade and investment across MEASA, which boasts a nominal GDP of approximately $8 trillion, and the connection it has with the economies that spread through Europe and America.
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