The Dubai Financial Services Authority (DFSA) has approved the use of Ripple’s XRP within the Dubai International Financial Centre (DIFC). Ripple confirmed the development in a Twitter post today. With this, Ripple’s XRP will now be incorporated into DIFC.
This development simply qualifies Ripple (XRP) as the first external virtual asset to be approved by the Dubai Financial Services Authority (DFSA). Hence, Ripple can now enjoy the benefits of legal and regulatory clarity in DFIC. In addition, institutions within the DIFC can now leverage the virtual asset to actualize efficient global value exchange.
Worth noting that Dubai is now becoming one of the most innovative hubs for crypto in the world. The region is renowned for its regulatory clarity, paving an enabling environment for virtual assets providers to thrive. The region also has a Virtual assets Regulatory Authority (VARA) in place to protect investors and encourage innovation.
Meanwhile, the CEO of Ripple, Brad Garlinghouse reacted to the development. According to him, Dubai has continued to demonstrate global leadership in virtual asset regulations and innovations. He noted that the adoption of XRP by the DFSA will establish Dubai as a leading financial hub, thereby attracting foreign investments.
More so, Garlinghouse said the move will open up new regional payments opportunities and other virtual asset use cases for XRP ledger. He, however, affirms, Ripple’s commitment to work closely with more regulators to explore the full potentials of crypto. Don’t forget that the protocol chose DIFC as its MENA headquarters in 2020 due to its soft stance towards virtual assets.
Ripple to hold its flagship event in Dubai this month
According to the announcement, Ripple will be holding its flagship event in Dubai between November 8 and 9, 2023. As revealed, DIFC Chief Operating Officer Alya AI Zarouni and VARA’s CEO Hensor Orser alongside other notable leaders in the industry will grace the event.
Notably, Ripple has been unrelenting effort in its commitment to widen the adoption of digital assets. Barely a month ago, it obtained a obtained a full Major Payment Institution (MPI) license from Singapore. With this, the people of Singapore can now access Ripple’s digital payment token offering with ease.