The new coins join the ranks of BTC, ETH, and LTC for use by the zone’s 4,000-plus enterprises, which are also mulling new legal measures. On November 2, the Dubai Financial Services Authority (DFSA) recognised two new tokens, adding them to the list of coinage recognised in the Dubai International Financial Centre (DIFC).
The new status of the tokens will allow financial institutions in the DIFC to do transactions with them. The special economic zone is home to almost 4,000 businesses. In 2020, Ripple will establish its MENA headquarters in the DIFC.
According to the business, about 20% of Ripple consumers are in that region. The CEO of Ripple, Brad Garlinghouse, said: “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.”
The DIFC is governed solely by the DFSA. It implemented cryptocurrency regulations in October 2021 and expanded those regulations in November 2022. The DIFC announced a proposed Digital Assets Law in late September. It also suggested removing the 2005 Security Law and the Financial Collateral requirements, followed by the passage of a revised Security Law that included collateral requirements.
The Polish law on digital assets “sets out the legal characteristics of a digital asset, its proprietary nature, how it may be controlled, transferred, and dealt with by interested parties.”
The new Security Law would be based on the secured transactions model developed by the United Nations Commission on International Trade Law, with modifications. These laws are open for public comment until November 5. This follows the passage of the Distributed Ledger Technology (DLT) Foundations Regulations by the Abu Dhabi Global Market, which went into effect on November The Dubai Virtual Asset Regulatory control was founded in March 2022 and has control over the whole emirate and its free trade zones, with the exception of the DIFC.