Ripple's XRP licensed for use in Dubai International Financial Centre
Investing.com
Published Nov 02, 2023 02:40PM ET
Updated Nov 03, 2023 05:33AM ET
The Dubai Financial Services Authority (DFSA) has licensed Ripple Labs' digital asset XRP for use within the Dubai International Financial Centre (DIFC), under its virtual assets framework. This endorsement permits firms licensed in DIFC to integrate XRP into their services. This move comes after a US ruling by Judge Analisa Torres that recognized XRP as a non-security and follows the approval of other digital currencies like Bitcoin, Ethereum, Litecoin, and Toncoin.
Ripple, which established its MENA headquarters in DIFC in 2020, has been actively participating in fintech events and forging partnerships with leading banks like the National Bank of Abu Dhabi (NBAD), a front-runner in adopting Ripple's technology for real-time cross-border payments. This approval could spur XRP adoption, expand its ecosystem, and enable new regional payment methods and other virtual asset applications on the XRP Ledger.
Brad Garlinghouse, Ripple's CEO, praised Dubai's proactive stance towards virtual asset regulation and encouragement of innovation. In his statement on a social media platform, he alluded to the forthcoming RippleSwell event while highlighting Ripple's focus on crypto-friendly regions and expansion strategy for Dubai.
The UAE is establishing itself as a hub for regulatory clarity in virtual asset services, driving growth in the crypto, payments, and fintech sectors. The introduction of XRP is expected to stimulate new regional payment methods and virtual asset uses on the XRP Ledger.
Ripple's mission is to leverage carbon-neutral blockchain technology and green digital assets to revolutionize global value exchange and management. It aims to provide regulatory clarity, ensure risk assurance, and increase access to inclusive and scalable financial systems without economic borders.
Beyond its operations in Dubai, Ripple is actively expanding its global footprint. In addition to holding a Major Payments Institution license from Singapore's MAS and seeking further licenses from the UK and Ireland, Ripple is collaborating with the National Bank of Georgia on a digital lari pilot project. After being shortlisted from nine contenders, Ripple will proceed to live testing. This initiative features a tokenized Georgian lari (GEL) facilitated by Ripple’s CBDC Platform running on the XRP Ledger.
Ripple's flagship event, Swell, scheduled in Dubai on November 8-9, will host industry leaders such as DIFC's COO Alya Al Zarouni and VARA's CEO Hensen Orser.
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