The Dubai Financial Services Authority adds XRP and Toncoin to the list of digital currencies authorized for use
Source: Pixabay The Dubai Financial Services Authority (DFSA) has expanded the number of digital assets authorized for use, by adding two digital currencies, (Ripple) and Toncoin-TON, to its list of officially authorized digital currencies. These developments come as confirmation of the DFSA’s tireless efforts. By finding an appropriate regulatory framework for the work of digital assets, as the same authority – in October 2021 – provided regulatory laws related to digital currencies and strengthened its powers in November of last year with the aim of creating a strong practical framework that regulates digital asset transactions within the Dubai International Financial Center. (DIFC).
For its part, the aforementioned center – in late last September – revealed a proposal for a digital assets law, which clarifies its active position towards regulating the thriving digital assets sector. This initiative also included plans to abolish the Securities and Financial Guarantees Parallel to Assets Law of 2005, followed by Enacting an updated law for securities transactions to include provisions related to financial guarantees.
With the DFSA officially recognizing these assets, financial institutions operating within the Dubai International Financial Center – which includes more than 4,000 companies – obtained a license to make transfers using the Ripple and TON currencies.
The Dubai International Financial Center officially recognizes Ripple
Ripple currency continues its impressive successes by obtaining official recognition from the Dubai International Financial Center as one of the digital assets authorized for use. This was preceded by important developments in terms of its work within the United States, as Ripple currency was identified as the only digital asset recognized that – legally – it cannot be considered Financial securities, as confirmed by the ruling issued by Judge Analisa Torres on July 13 last year.
Ripple’s focus on the Emirate of Dubai comes as it is an important center that is considered a living representation of its proactive approach to overcoming regulatory challenges. This strategic shift emerges against the backdrop of the operational obstacles that the company faced within the United States, which encouraged it to explore new global regions.
In a related context, the CEO of Ripple, Brad Garlinghouse, speaking about the inclusion of Ripple on the list, praised the continuous efforts of the Emirate of Dubai to regulate the digital assets sector, pointing to its role in “embracing and nurturing innovations.”
Ripple chooses the Dubai International Financial Center as its headquarters in the Middle East and North Africa region, citing its favorable regulatory environment and financial technology system.
In a move described as smart, in 2020, Ripple chose the Dubai International Financial Center (DIFC) to be its headquarters in the Middle East and North Africa (MENA). Perhaps what encouraged the company to make this decision was the appropriate regulatory arena provided by the Emirate of Dubai, as it provided frameworks It has advanced regulation, in addition to providing a wide transaction network, and we must not forget its reputation for embracing the financial sector and supporting its growth.
It is noteworthy here that approximately 20% of Ripple’s customers are located in the Middle East and North Africa, so Ripple seeks to strengthen its presence in these regions due to the availability of regulatory clarity regarding the crypto sector, and Ripple’s commitment to this approach is represented by its decision to hold the Swell Conference. The highly anticipated event will be held in Dubai, and has been scheduled to be held on the eighth and ninth of November, with the aim of holding a meeting that brings together the main stakeholders representing the financial and regulatory sectors. The list of speakers at the conference includes a number of prominent figures, including Alia Al Zarouni – Chief Operating Officer of the Dubai International Financial Center Authority – along with Hensen Orser – CEO of the Virtual Assets Regulatory Authority (VARA) in Dubai.
In addition to its continued expansion in the Middle East and North Africa region, Ripple’s active efforts to obtain business licenses in various countries around the world have not stopped, including obtaining a license as a Major Payment Institution (MPI) from the Monetary Authority of Singapore (MAS), in addition to continuing its efforts to It is working hard to obtain business licenses within the United Kingdom and Ireland, in confirmation of its endeavor to fully comply with regulatory laws and adhere to its goal of enhancing its global growth.
2023-11-03 10:54:00
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