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Ripple

Ripple Achieves Major Regulatory Breakthrough: Dubai’s DFSA Embraces XRP Integration

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In another regulatory win for Ripple, the company made a significant announcement regarding the approval of XRP by the Dubai Financial Services Authority (DFSA), which will allow licensed virtual asset firms in the Dubai International Financial Centre (DIFC) to integrate XRP into their virtual asset services.

XRP Integration Authorized 

Per the announcement, Dubai has demonstrated its commitment to providing regulatory clarity and guidance to licensed entities operating in the virtual asset space. 

The DFSA’s regime for the DIFC has created a “conducive environment” for developing cryptocurrencies, payments, and fintech innovation, attracting foreign investment and driving economic growth.

On this matter, The approval of XRP by the DFSA marks a significant achievement as it becomes the first virtual asset to receive regulatory endorsement under the DIFC regime. 

Previously, Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) were the virtual assets approved by the DFSA. 

With legal and regulatory certainty established, XRP benefits from increased adoption within the DIFC, facilitating faster and more efficient global value exchange for institutions based in the region.

Related Reading: Bitcoin Rollercoaster: MicroStrategy Suffers $33.6 Million Quarterly Loss From Write-Down

Ripple’s CEO, Brad Garlinghouse, expressed appreciation for Dubai’s commitment to fostering innovation and regulating virtual assets. 

Garlinghouse highlighted the DFSA’s endorsement of XRP as a testament to Dubai’s position as a leading financial services hub, focusing on attracting foreign investment and realizing the full potential of cryptocurrencies. 

Moreover, Garlinghouse emphasized Ripple’s commitment to strengthening its presence in Dubai and collaborating closely with regulators to promote the growth of the crypto industry.

The listing of XRP in Dubai holds significant potential for unlocking new regional payment solutions and other virtual asset use cases on the XRP Ledger. 

Ripple, recognizing Dubai’s favorable regulatory environment, established its Middle East and North Africa (MENA) headquarters in the DIFC in 2020. Approximately 20% of Ripple’s customers are based in the MENA region, further underscoring the importance of Dubai’s strategic location.

Notably, the announcement coincides with Ripple’s upcoming flagship event, “Ripple Swell,” scheduled to take place in Dubai on November 8-9. The event allows thought leaders, decision-makers, and policymakers to exchange insights and shape the industry’s trajectory.

Ripple Expands Global Operations

On the same note, Ripple recently achieved another milestone by obtaining a major payments institution license in Singapore, solidifying its presence in the Asia-Pacific region. 

While Ripple’s progress in various regions has been significant, it faces legal challenges in the United States. Ripple and Coinbase have been engaged in lawsuits with the Securities and Exchange Commission (SEC). 

Related Reading: Leading Swiss Bank SGKB Unveils Bitcoin And Ethereum Trading Service

In 2020, the SEC charged Ripple and its founders, alleging illegal sales of XRP without proper registration. However, a landmark ruling in July determined that XRP is not necessarily a security, providing some legal clarity to the ongoing litigation.

Overall, Ripple’s recent announcement of XRP’s approval by the DFSA marks a major milestone in the cryptocurrency’s journey. 

With regulatory support and a growing presence in Dubai, Ripple aims to leverage the DIFC’s conducive environment to accelerate the adoption of XRP and drive innovation in the global financial industry.

Ripple
XRP retrace on the daily chart. Source: XRPUSDT on TradingView.com

As of this writing, XRP currently trades at $0.5951, following a failed attempt to consolidate above the $0.600 mark on Tuesday. Presently, the token is down by 0.4% in the past 24 hours and almost 2% in the past 1-hour period.

Featured image from Shutterstock, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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