The Dubai Financial Services Authority Approves TonCoin (TON) and XRP for Transactions
The Dubai Financial Services Authority (DFSA), the financial regulator of the special economic zone, Dubai International Financial Centre, has given its approval for TonCoin (TON) and XRP to be used for transactions. This means that financial institutions operating in the Dubai International Financial Center can now conduct transactions using these tokens.
Ripple, which opened its Middle East and North Africa headquarters in DIFC last year, sees about 20% of its customers coming from this region. Ripple CEO Brad Garlinghouse expressed his appreciation for the DFSA’s support in encouraging the adoption and use of digital assets such as XRP, positioning Dubai as a leading financial services hub.
In February 2023, Dubai implemented regulations governing virtual assets and related activities, including the licensing process for Virtual Asset Service Providers (VASPs) and aspects of anti-money laundering/combating the financing of terrorism (AML/CFT) measures. The DFSA acts as an independent regulator under the licensing regime introduced by the Dubai International Financial Centre (DIFC).
TON Blockchain Sets World Record During Public Testing
The approval for TON comes after it achieved a world record during public testing. It completed an impressive 104,715 transactions per second (TPS), processing over 107 million transactions in just 22 minutes with a peak TPS of 111,498.
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