Dubai, UAE – In a significant move for the cryptocurrency world, the Dubai Financial Services Authority (DFSA) has officially approved the digital asset XRP for use within the Dubai International Financial Centre (DIFC). This approval marks a groundbreaking development for XRP, making it the first virtual asset to be embraced under the DFSA’s regulatory framework.
XRP now joins other leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) as an officially approved virtual asset within the DIFC. This strategic decision provides XRP with legal and regulatory clarity within Dubai’s financial ecosystem, further enhancing its utility for licensed virtual asset firms based in the DIFC.
Dubai has been a frontrunner in creating an environment of regulatory transparency for licensed firms offering virtual asset services. The DFSA has established a comprehensive framework within the DIFC, fostering the long-term growth of the cryptocurrency, payments, and fintech sectors. The aim is to attract foreign investment and accelerate economic expansion in Dubai, positioning it as a global financial hub with a focus on fostering innovation.
Brad Garlinghouse, the CEO of Ripple, expressed his enthusiasm for this approval, stating, “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.”
This strategic development also holds the potential to unlock new payment and virtual asset use cases on the XRP Ledger within the MENA (Middle East and North Africa) region. Ripple has been at the forefront of the XRP Ledger and chose the DIFC as the location for its MENA headquarters in 2020 due to Dubai’s innovation-forward regulations and its status as a global financial center. Approximately 20% of Ripple’s customers are based in the MENA region.
The announcement coincides with Ripple Swell, Ripple’s flagship event, which gathers influential voices from the financial industry and regulatory sectors. This year’s event, scheduled for November 8-9, is hosted in Dubai, following previous successful events in major global financial centers.
Ripple Swell features prominent speakers, including the DIFC’s Chief Operating Officer Alya Al Zarouni and VARA’s CEO Hensen Orser, alongside other thought leaders and policymakers from the fintech, finance, and cryptocurrency worlds.
Ripple continues to lead the way in enterprise blockchain and crypto solutions, offering faster, more transparent, and cost-effective business solutions that address long-standing inefficiencies. By building an ecosystem of inclusive and scalable financial systems, Ripple leverages carbon-neutral blockchain technology and the green digital asset XRP to contribute to a more sustainable global economy and accessible financial systems. This aligns with Ripple’s mission to create crypto solutions for a world without economic borders.
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