Global payment company Ripple has received approval to offer its XRP cryptocurrency within the Dubai International Financial Centre (DIFC). The approval allows licensed digital asset custodian firms within the DIFC to include the XRP token in their cohort of available assets.
Ripple Deepens Involvement in Dubai
Ripple’s involvement in the Dubai financial market dates back to 2020 when the global payment company established its regional headquarters in the DIFC within the Middle East and North Africa (MENA). Presently, 20% of Ripple’s users are based in MENA.
The company’s latest approval, which was endorsed by the Dubai Financial Services Authority (DFSA), will allow XRP to join other digital assets that have been approved by the Dubai financial agency – Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
Notably, XRP was not the only cryptocurrency to secure approval from the DFSA. Toncoin (TON), a Telegram-affiliated crypto asset, also got the green light from the regulatory agency to join the tradeable digital assets within the DIFC. Joining the list of approved assets in the DIFC will allow both crypto assets to “benefit from legal and regulatory clarity in the DIFC.”
Notably, Ripple’s expansion into the Dubai market shows how the blockchain company is poised to take its services to several countries. The America-based firm presently offers its products to customers in over 55 countries. Last month, Ripple secured a formal license, allowing it to offer its services in Singapore.
Dubai Embraces Crypto Adoption
Over time, Dubai has shown itself to be a crypto-friendly country. Last year, the country’s government established the Virtual Assets Regulatory Authority (VARA), an independent authority responsible for dishing out the regulatory framework around cryptocurrencies.
Commending Dubai’s decision to approve the XRP cryptocurrency, Ripple’s CEO, Brad Garlinghouse, said:
“Dubai continues to demonstrate global leadership when it comes to the regulation of virtual assets and nurturing innovation. It’s refreshing to see the DFSA encourage 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 accelerating economic growth.”
