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American blockchain payments firm Ripple Labs Inc. is expanding globally after securing a major operating license in Dubai. The firm announced that it has secured in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC).
Ripple and gateway to Middle East
Dubai is a highly sought-after crypto hub and a major gateway to the Middle East. With Ripple already building a payments network in the MENA region, this license will allow it to deploy its payment solutions to clients and users.
Alex DovbnyaBeyond the cross-border business it hopes to advance, the license is also a way for Ripple Labs to prove its compliance in different jurisdictions. The firm battled with the United States Securities and Exchange Commission (SEC) for over three years on compliance-related charges.
Though the case is over after the firm was fined $125 million, executives argued that the lawsuit was baseless if the regulator had issued clear guidelines for some key offerings on the market.
With the licensing in Dubai, Ripple Labs has now proven itself. Ultimately, the firm plans to establish a regional headquarters in Dubai, believing its business can thrive with the region’s clear regulatory framework.
Race for more
The digital currency ecosystem is evolving very fast, and Ripple Labs is changing along with it. One way the firm is doing this is through the potential launch of its stablecoin, RLUSD.
Gamza KhanzadaevThe stablecoin pursuit has been ongoing since the second quarter of the year, and the firm has started conducting intense testing on both the XRP Ledger and Ethereum networks. With a series of minting and burning, the firm is doubling down on ensuring the operational model is perfected before launch.
As part of its race for more, the firm is advancing innovations on XRP Ledger, with new amendments going live on the mainnet recently.
Alex Dovbnya
Valeria Blokhina
Dan Burgin