Ripple, the pioneer in corporate blockchain and cryptocurrency solutions, announced that the Dubai Financial Services Authority (DFSA) has authorized the digital asset XRP for usage within the Dubai International Financial Center (DIFC).
With this authorization, virtual asset companies that hold licenses within the DIFC can now offer their services with XRP integrated into them. XRP is the first virtual asset to receive regime approval since the DFSA began accepting outside applications.
As new assets authorized under the DFSA’s virtual assets system, XRP joins BTC, ETH, and LTC. Institutions based in the DIFC will be able to use XRP to speed up and improve the efficiency of international value exchange. XRP currently stands to achieve legal and regulatory clarity in the DIFC.
One of the most forward-thinking countries, the UAE aims to provide licensed businesses with regulatory clarity and direction so they can provide virtual asset services. The independent regulator is dedicated to the long-term growth of Dubai’s fintech, payments, and cryptocurrency ecosystems through the DFSA’s complete framework for the DIFC.
Brad Garlinghouse, CEO of Ripple, said, “Dubai continues to demonstrate global leadership when it comes to the regulation of virtual assets and nurturing innovation.” He added, “ Ripple will continue to double down on its presence in Dubai and we look forward to continuing to work closely with regulators to realize crypto’s full potential.”
New use cases for virtual assets on the XRP Ledger, such as regional payments, may become possible with Dubai’s XRP listing. Ripple selected the DIFC as the site for its MENA headquarters in 2020 because of Dubai’s progressive laws, vast network, and standing as a preeminent international financial hub. MENA is home to almost 20% of Ripple’s clientele.
The news coincides with the upcoming Ripple Swell, the company’s flagship event that will be held in Dubai on November 8–9 and bring together prominent voices from the financial industry and regulation.