Dubai Financial Watchdog Grants Approval to XRP and TON: Expanding the Crypto Horizon
In a groundbreaking move, the Dubai Financial Services Authority (DFSA), the primary financial regulatory body overseeing the thriving special economic zone, the Dubai International Financial Centre, has given the green light to both TonCoin (TON) and XRP. This momentous development sees TON and XRP joining the ranks of other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), in the realm of legitimacy.
Welcoming XRP and TON into Dubai’s Financial Landscape
This significant approval signifies a monumental shift in the landscape of cryptocurrency adoption within the Dubai International Financial Center. Financial institutions operating within this dynamic financial hub can now engage in transactions involving these digital tokens, bringing them into the fold of traditional financial operations.
Ripple’s Strategic Move to the Region
Ripple, a prominent player in the cryptocurrency arena, strategically established its Middle East and North Africa headquarters in the Dubai International Financial Centre last year. Impressively, about 20% of Ripple’s customer base hails from this region, underscoring the company’s commitment to the local market.
Brad Garlinghouse, Ripple’s CEO, voiced his enthusiasm for this regulatory development, stating, “It’s 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.”
Regulatory Clarity and AML/CFT Framework
In February 2023, a milestone moment occurred as the Regulation on Virtual Assets and Related Activities was introduced in Dubai. This regulation finally brought clarity to the Virtual Asset Service Provider (VASP) licensing process and addressed crucial aspects of anti-money laundering (AML) and combating the financing of terrorism (CFT). Notably, stringent sanctions have been established to deter and penalize any violations of this groundbreaking legislation.
DIFC’s Licensing Framework
The Dubai International Financial Centre (DIFC) has taken a proactive stance in response to the emerging cryptocurrency landscape by introducing a robust licensing regime. Under this regime, the Dubai Financial Service Authority (DFSA) acts as an independent regulator, ensuring the highest standards of compliance and security within the financial sector.
The Remarkable Achievement of TON Blockchain
In an exciting development, the Open Network (TON) blockchain recently set a world record during public testing by completing a staggering 104,715 transactions per second (TPS). This groundbreaking achievement underscores the remarkable potential of TON as a blockchain platform.
In just 22 minutes, the TON network processed an astonishing 107 million transactions, reaching a peak TPS rate of 111,498. This remarkable milestone positions TON as a formidable player in the realm of high-performance blockchain technology.
In conclusion, the DFSA’s approval of XRP and TON marks a pivotal moment in the global adoption of cryptocurrencies. It not only underscores the commitment of the Dubai International Financial Centre to embrace digital assets but also positions Dubai as a leading financial hub poised to attract foreign investments and stimulate economic growth. The regulatory clarity provided by the recent legislation further solidifies Dubai’s reputation as a forward-thinking and progressive financial ecosystem.
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