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."
Dubai's Crypto-Friendly Policies Attract Major Industry Players
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 headquarters in MENA in the DIFC in 2020. Notably, around 20% of Ripple's clients are based in the MENA region.
Today, the Dubai Financial Services Authority (DFSA) approved XRP under its virtual assets regime – allowing licensed firms in the Dubai International Financial Centre (@DIFC) to incorporate XRP into their virtual asset services. Learn more: https://t.co/JNcd4ROhoI
— Ripple (@Ripple) November 2, 2023
The announcement is in sync with the upcoming Ripple Swell event, a prestigious assembly of prominent figures from the financial industry and regulatory sectors. The event is scheduled to take place in Dubai from November 8-9. Previous editions of Ripple Swell brought together hundreds of Ripple's clients and partners in major financial centers like London and Singapore.
This announcement is in sync with the upcoming Ripple Swell event, a prestigious assembly of prominent figures from the financial industry and regulatory sectors. The event is scheduled to take place in Dubai from November 8th to 9th. Previous gatherings of Ripple Swell have successfully united hundreds of Ripple's clients and partners in key financial hubs such as London and Singapore.
Ripple Expands Operations amid Regulatory Reprieve
Last month, the US Securities and ExchangeCommission (SEC) dropped all charges against two key figures at Ripple, Brad Garlinghouse, the CEO, and Chris Larsen, the Executive Chairman. These charges were initially brought forth in a lawsuit alleging that XRP was an unregistered security. The SEC's decision to dismiss the charges marked the conclusion of a three-year legal battle between Ripple and the SEC.
The SEC initiated legal proceedings against Ripple, including its CEO and Executive Chairman, in late 2020, accusing them of selling unregistered securities in the form of XRP. Following a prolonged legal struggle, a US court ruled in favor of Ripple in July. Despite the SEC's appeal, the court reaffirmed its decision earlier this month.
Ripple has continued to expand its operations globally by obtaining essential licenses. The firm obtained a Major Payments Institution license from the Monetary Authority of Singapore last month. This license, awarded to Ripple's local subsidiary, Ripple Markets APAC Pte Ltd, followed an in-principle approval from the Singapore regulator to the company earlier this year.
This article was written by Jared Kirui at www.financemagnates.com.
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