The Dubai Financial Services Authority (DFSA) has expanded its recognition of digital assets, approving Ripple’s XRP">XRP and Telegram’s Toncoin. This demonstrates Dubai’s commitment to fostering innovation in the cryptocurrency space.
The DFSA introduced initial crypto regulations in 2021, reinforcing the framework in 2022. This established a robust environment for digital assets within Dubai’s financial center.
In September, the Dubai International Financial Centre proposed a Digital Assets Law, signaling a proactive regulatory approach. This included updated security laws encompassing crypto collateral rules.
The DFSA approval enables financial firms in Dubai’s business district to transact with XRP and Toncoin. Over 4,000 companies operate in this district.
Ripple has strategically focused on Dubai amidst regulatory obstacles in the US. In 2020, Ripple chose Dubai as the location for its regional headquarters, citing the business-friendly environment.
Ripple CEO Brad Garlinghouse praised Dubai’s crypto-innovation approach. He highlighted Dubai’s intent to attract investment and accelerate economic growth through progressive crypto adoption.
Approximately 20% of Ripple’s clients are in the MENA region. Ripple will host its Swell conference in Dubai in November, underscoring its commitment to global expansion and regulatory compliance.
Notable speakers include executives from Dubai’s financial center and blockchain ecosystem. Ripple has also obtained payments licenses in Singapore and is pursuing licenses in the UK and Ireland.
