Ripple has announced the approval of its digital
asset XRP for use within the Dubai International Financial Centre (DIFC). This
decision marks a significant milestone for the blockchain and crypto solutions
firm as XRP becomes the first virtual asset to obtain the approval of the Dubai
Financial Services Authority (DFSA) under the DIFC’s virtual assets regime.
Licensed virtual asset firms operating within the
DIFC can integrate XRP into their services. In an official
statement, Ripple highlighted its commitment to Dubai, mentioning that the
company is eager to collaborate closely with regulators to unlock the full
potential of cryptocurrencies.
Brad Garlinghouse, the CEO of Ripple, stated:
“Dubai continues to demonstrate global leadership when it comes to the
regulation of virtual assets and nurturing innovation. It’s refreshing to see
the DFSA encourage the adoption and use of digital assets such as XRP to
position Dubai as a leading financial services hub intent on attracting foreign
investment and accelerating economic growth.”
The inclusion of XRP in Dubai’s virtual assets
landscape has the potential to unlock a multitude of regional payment solutions
and other virtual asset use cases on the XRP Ledger. As a key contributor and
user of the XRP Ledger, Ripple established its MENA headquarters in the DIFC in
2020. Notably, around 20% of Ripple ‘s clients are based in the MENA region,
underscoring the…
