XRP Approved as a Recognized Crypto Token in Dubai
Ripple has announced that the Dubai Financial Services Authority (DFSA) has approved XRP for use within the Dubai International Financial Centre (DIFC), a special economic zone. The DFSA is the financial regulatory agency of the DIFC. This means that licensed virtual asset firms within the DIFC can now incorporate XRP into their virtual asset services. The DFSA also added XRP and toncoin (TON) to its list of “Recognized Crypto Tokens.” The list now consists of five cryptocurrencies: BTC, ETH, LTC, TON, and XRP. Ripple is pleased with this approval and plans to continue expanding its presence in Dubai.
Ripple’s Choice of Dubai
In 2020, Ripple chose the DIFC as the location for its Middle East and North Africa (MENA) headquarters due to Dubai’s innovative regulations and reputation as a global financial center. Approximately 20% of Ripple’s customers are based in this region.
Other Regulators in Dubai
In addition to the DFSA, another regulator in Dubai called the Virtual Assets Regulatory Authority (VARA) oversees and regulates crypto assets and activities across various zones in Dubai. However, VARA does not cover the DIFC.
Brad Garlinghouse’s Comment
Ripple CEO Brad Garlinghouse expressed his excitement about XRP’s approval by the DFSA and reiterated Ripple’s commitment to working closely with regulators to unlock the full potential of cryptocurrencies.
The UAE’s Innovation in Regulation
Ripple praised the UAE for being an innovative jurisdiction that provides regulatory clarity and guidance for licensed firms offering virtual asset services.
Hot Take: XRP’s Approval in Dubai Boosts Its Global Adoption
XRP’s recognition as a crypto token by the Dubai Financial Services Authority is a significant milestone for Ripple and the cryptocurrency industry. The approval allows licensed firms within the Dubai International Financial Centre to incorporate XRP into their services, enabling faster and more efficient global value exchange. This move further solidifies Dubai’s position as an innovation-forward financial hub and highlights the UAE’s commitment to fostering regulatory clarity for virtual assets. With XRP joining other approved cryptocurrencies, Ripple’s presence in Dubai is set to expand, driving increased adoption of XRP both locally and globally.
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