San Francisco-based blockchain company Ripple has revealed that the Dubai Financial Services Authority (DFSA) has granted the digital currency XRP the green light for deployment within the Dubai International Financial Centre (DIFC).
This endorsement means licensed virtual asset companies in the DIFC are now permitted to integrate XRP into their range of virtual asset services.
XRP's newfound approval
With the recent acceptance by the DFSA, XRP will now be joining the ranks of BTC, ETH, and LTC, all of which have previously received approval under the DFSA's virtual asset framework. This endorsement not only provides XRP with distinct legal and regulatory transparency in the DIFC but also paves the way for institutions within the DIFC to facilitate quicker and more streamlined global value exchanges.
In a post on the X social media platform, Ripple CEO Brad Garlinghouse highlighted the consistent pro-innovation approach of Dubai’s regulators.
He pointed to the recent approval as a testament to this dedication and emphasized Ripple's strategy to focus on regions with clear crypto regulations. This also sets the stage for the upcoming RippleSwell event in Dubai.
Ripple's presence in the Middle East
As reported by U.Today, Ripple has made significant inroads in the Middle East. In 2020, Ripple established its Middle East and North Africa (MENA) headquarters in the Dubai International Financial Centre (DIFC).
Ripple has successfully partnered with several leading banks and financial institutions in the Middle East. Notably, the National Bank of Abu Dhabi (NBAD) became the first bank in the region to use Ripple's technology for real-time cross-border payments.
The company has been an active participant in various fintech events, conferences, and forums in the Middle East.
Arman Shirinyan
Gamza Khanzadaev
