XRP and TON tokens approved by Dubai's financial regulator on the same day, compliant companies can include them in their services.
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Ripple XRP Approved by Dubai Financial Services Authority
According to an announcement by Ripple, the Dubai Financial Services Authority (DFSA) has approved the integration of XRP tokens within the Dubai International Financial Centre (DIFC), allowing licensed firms within the financial center to include XRP in their digital asset services.
Ripple CEO Brad Garlinghouse praised the regulatory clarity in the UAE and DIFC on Twitter.
Dubai’s regulators have consistently demonstrated their pro-innovation approach, with this announcement as the latest example. @Ripple will continue doubling down in regions where there is regulatory clarity for crypto – a key reason we’re hosting #RippleSwell in Dubai this… https://t.co/PlIj7ubTcg
— Brad Garlinghouse (@bgarlinghouse) November 2, 2023
Toncoin TON Also Approved in Dubai
The Dubai Financial Services Authority initially approved BTC, ETH, and LTC in November 2022.
One year later, the regulator simultaneously added XRP and TON.
The official TON Twitter account also shared this news.
🔈 Toncoin (TON) is now a DFSA-recognised Crypto Token!
This means that authorised firms can carry out financial services and activities in relation to #TON in the @DIFC.
Read more👇 https://t.co/URmD4U897q
— TON 💎 (@ton_blockchain) November 2, 2023
Ripple Successive Victories Over SEC
Prior to this, the SEC accused Ripple of engaging in "programmatic sales" as a securities sale, but the judgment ruled against the SEC, and their subsequent appeal was also rejected.
Additionally, the SEC dropped charges against two senior Ripple executives, which Ripple's CEO hailed as a "triple win."
Prior to this, the Ripple CEO revealed to CNBC that they had spent $200 million litigating against the SEC.
All of this has made Ripple a hero in the crypto community for standing up against the SEC.
However, other allegations in the Ripple case, including investment contracts and token distribution, are still pending trial, and there is a possibility of an appeal by the SEC next year.
Why is it said that the SEC has not surrendered? The final ruling on the Ripple case is still pending, and the SEC could still appeal next year.