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Dubai’s DFSA Approves XRP for Virtual Asset Services in DIFC
Ripple, a prominent name in the field of enterprise blockchain and cryptocurrency solutions, recently announced an important development regarding the approval of its digital asset #XRP for use within the Dubai International Financial Centre (DIFC), with the authorization of the Dubai Financial Services Authority (DFSA).
This announcement represents a significant milestone in the cryptocurrency and blockchain industry, as it allows licensed virtual asset firms operating within the DIFC to incorporate XRP into their range of virtual asset services. The approval of XRP is particularly noteworthy because it marks the first virtual asset to receive approval from the DFSA since the initiation of external applications.
XRP now joins the ranks of other well-known cryptocurrencies like BTC (Bitcoin), ETH (Ethereum), and #LTC (Litecoin) as assets previously approved under the DFSA's virtual assets framework.
The United Arab Emirates (UAE) has consistently demonstrated its forward-thinking approach to promoting regulatory clarity and guidance for licensed firms offering virtual asset services. The comprehensive framework established by the DFSA within the #DIFC underscores the regulator's commitment to nurturing the long-term growth of the crypto, payments, and fintech ecosystem in Dubai. This approach not only facilitates innovation but also provides valuable guidance for companies seeking to establish a presence in the #DIFC.
Dubai's commitment to creating a favorable regulatory environment is further exemplified by the establishment of the Virtual Assets Regulatory Authority (VARA), which plays a crucial role in safeguarding investors, maintaining high levels of assurance, and encouraging innovation.
Ripple's dedication to Dubai is evident through the company's decision to establish its MENA headquarters in the DIFC in 2020. This decision was primarily influenced by Dubai's progressive regulations, extensive network, and reputation as a global financial hub. A substantial portion of Ripple's clients, including SABB, Qatar National Bank, Lulu Financial Holdings, Al-Ansari Exchange, and RAK Bank, are based in Dubai.
This announcement represents a significant milestone in the cryptocurrency and blockchain industry, as it allows licensed virtual asset firms operating within the DIFC to incorporate XRP into their range of virtual asset services. The approval of XRP is particularly noteworthy because it marks the first virtual asset to receive approval from the DFSA since the initiation of external applications.
XRP now joins the ranks of other well-known cryptocurrencies like BTC (Bitcoin), ETH (Ethereum), and #LTC (Litecoin) as assets previously approved under the DFSA's virtual assets framework.
The United Arab Emirates (UAE) has consistently demonstrated its forward-thinking approach to promoting regulatory clarity and guidance for licensed firms offering virtual asset services. The comprehensive framework established by the DFSA within the #DIFC underscores the regulator's commitment to nurturing the long-term growth of the crypto, payments, and fintech ecosystem in Dubai. This approach not only facilitates innovation but also provides valuable guidance for companies seeking to establish a presence in the #DIFC.
Dubai's commitment to creating a favorable regulatory environment is further exemplified by the establishment of the Virtual Assets Regulatory Authority (VARA), which plays a crucial role in safeguarding investors, maintaining high levels of assurance, and encouraging innovation.
Ripple's dedication to Dubai is evident through the company's decision to establish its MENA headquarters in the DIFC in 2020. This decision was primarily influenced by Dubai's progressive regulations, extensive network, and reputation as a global financial hub. A substantial portion of Ripple's clients, including SABB, Qatar National Bank, Lulu Financial Holdings, Al-Ansari Exchange, and RAK Bank, are based in Dubai.
#Ripple announced on Nov. 2 that the $XRP token has been approved under the Dubai Financial Services Authority (DFSA)’s virtual assets regime.
That approval means that virtual asset firms will be able to make use of #XRP if they are licensed within the Dubai International Financial Centre (#DIFC ) area — a special economic zone and financial hub in the United Arab Emirates’ largest city.
Brad Garlinghouse, the CEO of Ripple, said:
“It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP … Ripple will continue to double down on its presence in Dubai and we look forward to continuing to work closely with regulators to realize crypto’s full potential.”
The DFSA previously approved Bitcoin ($BTC ), Ethereum ($ETH ), and Litecoin (LTC) in November 2022. Toncoin (TON) was approved alongside XRP today.
Ripple described its goals of expanding within Dubai earlier this year. Today, it noted that it chose the DIFC as its Middle East and North Africa (MENA) headquarters and said that about 20% of its customers are based in the MENA region.
Ripple is working with Georgia on digital lari
In related news, Ripple also announced the National Bank of Georgia had selected it as the official technology partner for its digital lari pilot project.
The announcement indicates that Ripple was chosen as a partner from a shortlist of nine candidates. The program will now move to a pilot phase and live testing.
The project involves a tokenized version of the Georgian lari (GEL) rather than the XRP token. However, the project will make use of Ripple’s #CBDC Platform for central bank digital currencies, which is, in turn, powered by the XRP Ledger (XRPL).
Ripple said in its press release that it has previously announced pilot programs with governments in five other regions: Bhutan, Palau, Colombia, Montenegro, and Hong Kong. The firm said that it is currently engaging with more than 20 other countries as well.
#DYOR it's NFA in Crypto.
That approval means that virtual asset firms will be able to make use of #XRP if they are licensed within the Dubai International Financial Centre (#DIFC ) area — a special economic zone and financial hub in the United Arab Emirates’ largest city.
Brad Garlinghouse, the CEO of Ripple, said:
“It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP … Ripple will continue to double down on its presence in Dubai and we look forward to continuing to work closely with regulators to realize crypto’s full potential.”
The DFSA previously approved Bitcoin ($BTC ), Ethereum ($ETH ), and Litecoin (LTC) in November 2022. Toncoin (TON) was approved alongside XRP today.
Ripple described its goals of expanding within Dubai earlier this year. Today, it noted that it chose the DIFC as its Middle East and North Africa (MENA) headquarters and said that about 20% of its customers are based in the MENA region.
Ripple is working with Georgia on digital lari
In related news, Ripple also announced the National Bank of Georgia had selected it as the official technology partner for its digital lari pilot project.
The announcement indicates that Ripple was chosen as a partner from a shortlist of nine candidates. The program will now move to a pilot phase and live testing.
The project involves a tokenized version of the Georgian lari (GEL) rather than the XRP token. However, the project will make use of Ripple’s #CBDC Platform for central bank digital currencies, which is, in turn, powered by the XRP Ledger (XRPL).
Ripple said in its press release that it has previously announced pilot programs with governments in five other regions: Bhutan, Palau, Colombia, Montenegro, and Hong Kong. The firm said that it is currently engaging with more than 20 other countries as well.
#DYOR it's NFA in Crypto.
XRP approved by Dubai’s Financial Services Authority
The XRP token now stands to benefit from legal and regulatory clarity in the DIFC, according to the announcement. The XRP token has been approved by the Dubai Financial Services Authority (DFSA), allowing firms in the Dubai International Financial Centre (DIFC) to incorporate the cryptocurrency into their virtual asset services, Ripple Labs, the San Francisco-based payments firm announced Thursday. Fast Facts! ★ XRP’s approval will enable institutions located in the DIFC to use the cryptocurrency for global value transfers, Ripple said in a press release. ★ XRP joins Bitcoin, Ether and Litecoin as cryptocurrencies approved by the DFSA. ★ “Dubai continues to demonstrate global leadership when it comes to the regulation of virtual assets and nurturing innovation,” said Brad Garlinghouse, the chief executive officer of Ripple. “Ripple will continue to double down on its presence in Dubai and we look forward to continuing to work closely with regulators to realize crypto’s full potential.” ★ Ripple’s RippleNet is a currency exchange network for cross-border payments that uses XRP. Ripple scored a partial victory in its lawsuit against the U.S. Securities and Exchange Commission in July when U.S. District Court Judge Analisa Torres ruled that Ripple’s XRP sales to institutional investors violated securities laws, but sales on public exchanges to retail investors did not. ★ Ripple’s flagship event, Ripple Swell, is set to begin in Dubai on Nov. 8, aiming to bring together influential voices from the financial and regulatory industries. The DIFC’s chief operating officer, Alya Al Zarouni, will take the main stage during the event. $XRP #RippleXRP #DubaiCrypto #DIFC #crypto2023