The Dubai Financial Services Authority free trade zone has approved two more cryptocurrencies, bringing the total to five that can be used there.
The new tokens join the ranks of BTC, ETH and LTC for use by the 4,000-plus companies located in the zone, which is considering new legal measures as well.The tokens’ new status will allow financial institutions in the DIFC to carry out transactions with them. There are over 4,000 companies located in the special economic zone. Ripple opened its MENA headquarters in the DIFC in 2020.
The proposed digital assets law “sets out the legal characteristics of a digital asset, its proprietary nature, how it may be controlled, transferred, and dealt with by interested parties.”The new Security Law would be based on the United Nations Commission on International Trade Law secured transactions model, with adaptations. Those laws are in their consultation period through Nov. 5.and given authority over all the emirate and its free trade zones except the DIFC.
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