DIFC Crowns Dubai as Global Crypto Hub with XRP Approval

DIFC Crowns Dubai as Global Crypto Hub with XRP Approval


467 Listen to this article In a groundbreaking development, Ripple, a frontrunner in the realm of enterprise blockchain and crypto […]

Latest News

Listen to this article

In a groundbreaking development, Ripple, a frontrunner in the realm of enterprise blockchain and crypto solutions, has revealed that the Dubai Financial Services Authority (DFSA) has granted its approval for the utilization of the digital asset XRP within the Dubai International Financial Centre (DIFC). This landmark decision means that licensed virtual asset firms operating within the DIFC can now seamlessly incorporate XRP into their virtual asset services.

A Pioneering Move by the DFSA

This milestone signifies a momentous achievement, as XRP becomes the first virtual asset to be approved under the DFSA’s external application process. It joins the ranks of other esteemed digital assets such as BTC, ETH, and LTC, which have previously gained approval under the DFSA’s virtual assets regime. With this approval, XRP is set to benefit from a robust legal and regulatory framework within the DIFC, making it available for use by institutions located in the DIFC. This development is expected to significantly enhance the efficiency of global value exchange within the region.

UAE Leading the Way in Regulatory Clarity

The United Arab Emirates (UAE) has rapidly established itself as a forward-thinking jurisdiction committed to offering clear and comprehensive regulations for licensed firms providing virtual asset services. The DFSA’s comprehensive regulatory framework for the DIFC underscores its commitment to nurturing the crypto, payments, and fintech ecosystem within Dubai while providing valuable guidance for companies looking to establish their presence in this dynamic free zone. Furthermore, Dubai boasts the Virtual Assets Regulatory Authority (VARA), established in the previous year, which is dedicated to safeguarding investors, maintaining high levels of risk assurance, and fostering innovation in the crypto space.

Read Also:  XRP's Dip to Multiyear Lows Against Bitcoin: Reasons for Optimism Amidst the Decline

Ripple CEO’s Perspective on Dubai’s Forward Momentum

Brad Garlinghouse, the CEO of Ripple, lauded Dubai’s global leadership in regulating virtual assets and fostering innovation. He emphasized the role of the DFSA in promoting the adoption of digital assets like XRP, positioning Dubai as a premier financial services hub actively seeking foreign investments and striving to accelerate economic growth. Ripple remains committed to strengthening its presence in Dubai and collaborating closely with regulators to unlock the full potential of cryptocurrencies.

Unlocking Regional Opportunities with XRP

The addition of XRP to Dubai’s list of approved virtual assets holds the potential to unlock a host of new regional payment and virtual asset use cases on the XRP Ledger. Ripple, as a key participant in the XRP Ledger ecosystem, chose the DIFC as the location for its Middle East and North Africa (MENA) headquarters in 2020, primarily due to Dubai’s forward-looking regulations, expansive network, and status as a prominent global financial center. A notable fact is that approximately 20% of Ripple’s customers are based in the MENA region.

Ripple Swell Event in Dubai

This significant announcement coincides with Ripple Swell, Ripple’s flagship event, scheduled to take place in Dubai on November 8-9. Ripple Swell has garnered a reputation for bringing together influential figures from the financial industry and regulatory landscape. Previous editions of the event witnessed the participation of hundreds of Ripple’s customers and partners in major financial centers such as London and Singapore. Notably, Alya Al Zarouni, the Chief Operating Officer of the DIFC, and Hensen Orser, CEO of VARA, will take center stage at the event, alongside other prominent national and global thought leaders, decision-makers, and policymakers from the fintech, finance, and crypto spheres.

Read Also:  Cardano Founder Sets the Record Straight About XRP

About Ripple: Pioneering Global Blockchain Solutions

Ripple is at the forefront of enterprise blockchain and crypto solutions, revolutionizing the way value is moved, managed, tokenized, and stored worldwide. Ripple’s business solutions are renowned for their speed, transparency, and cost-effectiveness, effectively addressing inefficiencies that have long plagued traditional financial systems. In collaboration with partners and the broader developer community, Ripple identifies use cases where crypto technology can inspire novel business models, fostering opportunities for a more extensive audience. In line with its mission to create crypto solutions for a world without economic borders, Ripple is actively contributing to a more sustainable global economy and planet, increasing access to inclusive and scalable financial systems. All this is achieved while leveraging carbon-neutral blockchain technology and the environmentally friendly digital asset, XRP.

For the Latest Crypto News follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and LinkedIn.

Top Recommended Articles

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

Would love your thoughts, please comment.x
Scroll to Top
Bitcoin ETFs Surge as Investors Seek Exposure Coinbase, Andreessen Horowitz, and Ripple have joined forces to fund a new crypto DMM Bitcoin Hit by $305M Hack Ripple Releases 1 Billion XRP Tokens What to Expect from Bitcoin’s Price Rally in H2 2024 Trump’s MAGA Coin Soars 7% While Biden Parody Sinks Amid Ex-President’s Trial — NFTs Hold Steady Analyst Warns About Dogecoin Decline CME Denies Solana Futures Plans Amid Growing Rumors Can PEPE flip Polygon? Market cap race heats up! Why Bitcoin Price Is Down Today? Cristiano Ronaldo Launches 4th NFT Collection on Binance Amid $1B Lawsuit Coinbase Alleges SEC Dodging Howey Test in New Appeal Ethereum ETFs Granted Official Approval by SEC Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase