DFSA approves Ripple’s XRP for use in Dubai International Financial Centre, expanding virtual asset services.
XRP is the first external virtual asset approved by the DFSA, joining BTC, ETH, and LTC.
Ripple’s XRP approval aligns with Dubai’s commitment to regulatory clarity and innovation in the virtual asset sector.
Ripple has reached a significant milestone with the approval of its digital asset XRP by the Dubai Financial Services Authority (DFSA) for use in the Dubai International Financial Centre. This innovation represents a significant growth in the DIFC’s digital asset ecosystem by enabling licensed virtual asset companies to incorporate XRP into their service offerings.
BREAKING: #XRP has been approved by VARA, Dubai's Financial Authority! $XRP for global money transfers directly from Dubai is now possible! pic.twitter.com/nLmFkLcMkI
— Armando Pantoja (@_TallGuyTycoon) June 24, 2024
The DFSA’s authorization of XRP is notable because it makes history as the first external virtual asset to obtain regulatory clearance within the DIFC’s framework. Previously, only Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) were approved. This acknowledgment gives XRP regulatory backing and legal clarity in one of the most important financial centers in the Middle East.
The United Arab Emirates (UAE) has established itself as a forerunner in terms of virtual asset regulation. The extensive framework of the DFSA guarantees investor protection, promotes innovation, and assists the development of the fintech and cryptocurrency industries in Dubai.
The establishment of the Virtual Assets Regulatory Authority (VARA) demonstrates Dubai’s commitment to maintaining high levels of risk assurance while promoting technological advancements in financial services.
With the approval of XRP for use in the DIFC, Ripple hopes to open up new avenues for local payments and other uses of the XRP Ledger. Ripple’s decision to set up its MENA headquarters in Dubai in 2020 was influenced by the city’s progressive regulatory framework and status as a major global financial center.Ripple’s XRP approval by the DFSA is a significant step toward greater acceptance of virtual assets in Dubai. The decision demonstrates Dubai’s dedication to innovation and clear regulations in the field of digital assets, enhancing its standing as a leading international hub for financial services.
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