There is an important development for Ripple today. Dubai Financial Services Authority took a step for XRP. Accordingly, it gave licensed companies to include XRP in their crypto asset services. Let’s look at the details.
Important development for Ripple
This is a first since Dubai Financial Services Authority opened external applications. XRP became the first crypto asset approved by the regime. XRP joins BTC, ETH and LTC as assets previously approved under the DFSA’s crypto regime. Ripple XRP will now benefit from legal and regulatory clarity in the DIFC. It will also be available to institutions in the DIFC to accelerate faster, more efficient global value exchange.
The UAE has become one of the most innovative jurisdictions aiming to provide regulatory clarity and guidance for licensed firms to offer crypto asset services. The DFSA’s comprehensive regime for the DIFC is notable. The independent regulator is looking at the long-term development of the crypto, payments and fintech ecosystem in Dubai. Thus, it is determined to provide guidance for companies like Ripple to open shop in the free zone. Dubai also houses the Crypto Assets Regulatory Authority (VARA), which was established last year to protect investors, provide high levels of risk assurance and facilitate innovation.
Statements by CEO Brad Garlinghouse
Ripple CEO Brad Garlinghouse makes a statement on the subject. Accordingly, “Dubai continues to demonstrate global leadership in regulating crypto assets and promoting innovation. It is heartening to see DFSA encouraging 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 fueling economic growth. Ripple will continue to double its presence in Dubai. We also look forward to continuing to work closely with regulators to realize crypto’s full potential.” says.
Dubai’s listing of XRP is noteworthy. Accordingly, XRP has the potential to unlock new regional payments and other crypto asset use cases on Ledger. Ripple, a major founder and user of the XRP Ledger, is also making moves. Dubai has innovation-oriented regulations, an extensive network and a reputation as a leading global financial centre. That’s why Ripple chose DIFC as the location of its MENA headquarters in 2020. Approximately 20% of Ripple’s customers are based in MENA.
There is a Ripple Swell event on November 8-9
The announcement comes as Ripple’s influential event, Ripple Swell, will be held in Dubai on November 8-9. This event brings together hundreds of Ripple’s customers and partners. Similar events have been held before in important global financial centers such as London and Singapore. When we look at Kriptokoin.com, the XRP price reached the level of $ 0.62 after this development.