XRP And TON Are Increasingly Shining In Dubai After Receiving Recognition From Local Financial Authority

XRP crypto assets. (Photo; Doc. Cryptohopes)

JAKARTA - XRP and Toncoin (TON) are officially crypto assets recognized by the Dubai Financial Services Authority (DFSA), financial regulators at the Dubai International Financial Center (DIFC), Dubai's special economic zone. These two crypto assets join Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) which already received recognition from DFSA.

This decision is effective from the date this notification is issued and is valid until further changes are made. Thus, crypto asset companies operating in DIFC can offer virtual asset services using XRP and TONS to their customers.

Commenting on the positive note, Brad Garlinghouse, CEO of Ripple, appreciated DFSA's move. He said that Dubai continues to be a global leader in terms of virtual asset regulation and prioritizes innovation.

Recognition of TON also coincided with the achievement of a world record for network speed by the TON team. In the trial, the TON network managed to make around 42 million transactions in 12 minutes, with a maximum speed of 108,409 transactions per second. Currently, the price of the TON coin is around $2.20 (Rp34,624) per coin.

For your information alone, DFSA has launched a comprehensive framework to regulate financial services with crypto tokens since November 1, 2022. This framework follows the introduction of the Investment Token campaign by DFSA in October 2021.

The purpose of this framework is to encourage innovation in a measurable, responsible, and transparent way while still fulfilling the objectives of DFSA regulations.

Since its launch, this framework has attracted great interest from various companies. It is recorded that more than 100 companies are interested in doing business using crypto, both for financial service infrastructure and for investment offers.

Not only that, DFSA will soon launch its next proposal focused on custodian crypto storage wallets, financial crime issues, Proof of Stake (PoS) consensus mechanisms, and fund management.