The Dubai Financial Services Authority (DFSA) has added Ripple (XRP) and Toncoin (TON) to its list of officially recognized digital assets. This move highlights the DFSA's commitment to creating a regulatory environment for digital assets and follows the introduction of cryptocurrency regulations in October 2021. The DFSA's recognition allows financial institutions operating within the Dubai International Financial Centre (DIFC) to engage in transactions involving XRP and TON. Ripple has strategically focused on Dubai due to its favorable regulatory environment and will continue to work closely with regulators to realize the full potential of cryptocurrencies. In 2020, Ripple established its MENA headquarters in the DIFC, citing Dubai's conducive environment and extensive network. Approximately 20% of Ripple's customer base is in the MENA region, and the company aims to expand its presence in regions with regulatory clarity for cryptocurrencies. Ripple is hosting the Ripple Swell conference in Dubai to bring together industry stakeholders and further promote its presence. In addition to its MENA expansion, Ripple is actively pursuing licenses worldwide, including obtaining the Major Payments Institution license from the Monetary Authority of Singapore.
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