Revealing the two tokens Dubai brought to its special economic zones

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Being included in the Dubai Special Economic Zone is an important step towards further adoption of XRP and TON.

Recently, the Dubai International Financial Center (DIFC) just approved the addition of two cryptocurrency assets, Ripple (XRP) and Toncoin (TON), to its special economic zone. The move will enable more than 4,000 financial institutions and companies in the DIFC to use XRP and TON.

However, the approval of both tokens is also the latest move in Dubai’s bid to become a global cryptocurrency hub.

Dubai regulators have consistently demonstrated their support for innovation, and this announcement is the latest example. @ripple Will continue to redouble our efforts in regions with clear cryptocurrency regulation – a key reason for our hosting #RippleSwell In Dubai this… https://t.co/PlIj7ubTcg

— Brad Garlinghouse (@bgarlinghouse) November 2, 2023

Dubai has come a long way over the past few years and adopted a more friendly attitude toward cryptocurrency companies and assets. Previously, DIFC regulator Dubai Financial Services Authority (DFSA) introduced cryptocurrency regulations in October 2021.

Currently, there are 5 tokens in Dubai Special Economic Zone, including:

Bitcoin (BTC),
Ethereum (ETH),
Litecoin (LTE),
Ripple (XRP),
TON.

Will XRP and TON recover after Dubai relocation?

As can be seen, the fact that XRP and TON are used in 4,000 financial institutions and companies is a good sign. At the same time, it becomes a driver of adoption and has a direct impact on the token’s price.

Additionally, XRP recently won a multi-year “lawsuit” with the SEC. A US court declared that XRP is not a security that attracts investor interest. Immediately after the news broke, XRP rebounded strongly. As of this writing, XRP is trading at around $0.61.

XRP price fluctuation candlestick chart.