Ripple, a leading enterprise blockchain and crypto solutions provider, has received approval from the Dubai Financial Services Authority (DFSA) for the digital asset XRP to be used within the Dubai International Financial Centre (DIFC). This significant development positions XRP as the first virtual asset approved since the DFSA began accepting external applications, highlighting the regulatory openness and innovation in the UAE
The DFSA’s approval of XRP adds to the list of virtual assets already sanctioned, including BTC, ETH, and LTC. The move signifies Dubai’s commitment to fostering regulatory clarity and providing guidance to licensed virtual asset firms within the DIFC. The UAE has rapidly emerged as an innovative jurisdiction, actively encouraging the development of the crypto, payments, and fintech ecosystem.
Ripple’s CEO Applauds Dubai’s Global Leadership in Crypto Regulation
Brad Garlinghouse, CEO of Ripple, lauded Dubai’s global leadership in virtual asset regulation and innovation. He emphasized the DFSA’s encouragement of digital asset adoption, positioning Dubai as a leading financial services hub aimed at attracting foreign investment and fostering economic growth. Ripple, committed to strengthening its presence in Dubai, looks forward to collaborating closely with regulators to unlock crypto’s full potential.
Unlocking New Regional Payments with XRP
Dubai’s approval of XRP opens avenues for new regional payments and virtual asset use cases on the XRP Ledger. Ripple, having chosen the DIFC as its MENA headquarters in 2020, recognized Dubai’s forward-thinking regulations, extensive network, and status as a global financial center. About 20% of Ripple’s customer base is located in the MENA region.
The announcement coincides with the upcoming Ripple Swell event scheduled for November 8-9 in Dubai. The flagship event, known for bringing together influential voices in the financial industry and regulatory landscape, will feature key figures such as DIFC’s Chief Operating Officer Alya Al Zarouni and VARA’s CEO Hensen Orser. This event underscores Dubai’s growing significance in the global crypto and fintech landscape.