Ripple Achieves Key Regulatory Milestone in Dubai: XRP Approved under New Crypto Regime

<p>Ripple has announced the approval of its digital
asset XRP for use within the Dubai International Financial Centre (DIFC). This
decision marks a significant milestone for the blockchain and crypto solutions
firm as XRP becomes the first virtual asset to obtain the approval of the Dubai
Financial Services Authority (DFSA) under the DIFC's virtual assets regime. </p><p>Licensed virtual asset firms operating within the
DIFC can integrate XRP into their services. In an official
statement, Ripple highlighted its commitment to Dubai, mentioning that the
company is eager to collaborate closely with regulators to unlock the full
potential of cryptocurrencies.</p><p>Brad Garlinghouse, the CEO of Ripple, stated:
"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 <a href="https://www.financemagnates.com/cryptocurrency/uaes-crypto-landscape-thrives-as-59-embrace-long-term-view-kucoin-survey/" target="_blank" rel="follow">leading financial services hub</a> intent on attracting foreign
investment and accelerating economic growth." </p><p>Dubai's Crypto-Friendly Policies Attract Major
Industry Players</p><p>The inclusion of XRP in Dubai's virtual assets
landscape has the potential to unlock a multitude of regional payment solutions
and other virtual asset use cases on the XRP Ledger. As a key contributor and
user of the XRP Ledger, Ripple established its MENA headquarters in the DIFC in
2020. Notably, around 20% of <a href="https://www.financemagnates.com/terms/r/ripple/">Ripple</a>'s clients are based in the MENA region,
underscoring the strategic importance of this move.</p><blockquote><p lang="en" dir="ltr">Today, the Dubai Financial Services Authority (DFSA) approved XRP under its virtual assets regime – allowing licensed firms in the Dubai International Financial Centre (<a href="https://twitter.com/DIFC?ref_src=twsrc%5Etfw">@DIFC</a>) to incorporate XRP into their virtual asset services. Learn more: <a href="https://t.co/JNcd4ROhoI">https://t.co/JNcd4ROhoI</a></p>— Ripple (@Ripple) <a href="https://twitter.com/Ripple/status/1720095539763781812?ref_src=twsrc%5Etfw">November 2, 2023</a></blockquote><p>The announcement aligns with the upcoming Ripple
Swell event, a flagship gathering of influential voices in the financial
industry and regulatory sectors, scheduled for November 8-9 in Dubai. Previous
editions of Ripple Swell brought together hundreds of Ripple's clients and
partners in major financial centers like London and Singapore. </p><p>Ripple Expands Operations amid Regulatory Reprieve</p><p>Last month, the US Securities and <a href="https://www.financemagnates.com/terms/e/exchange/">Exchange</a>
Commission (SEC) officially <a href="https://www.financemagnates.com/cryptocurrency/sec-drops-charges-against-top-ripple-executives/" target="_blank" rel="follow">dropped all charges</a> against two key figures at
Ripple, Brad Garlinghouse, the CEO, and Chris Larsen, the Executive Chairman.
These charges were initially brought forth in a lawsuit alleging that XRP was
an unregistered security. The SEC's decision to dismiss the charges marked the
conclusion of a three-year legal battle between Ripple and the SEC.</p><p>The SEC initiated legal proceedings against Ripple,
including its CEO and Executive Chairman, in late 2020, accusing them of
selling unregistered securities in the form of XRP. Following a prolonged legal
struggle, a US court ruled in favor of Ripple in July of this year. Despite the
SEC's appeal, the court reaffirmed its decision earlier this month.</p><p>However, Ripple has continued to expand its
operations globally by obtaining essential licenses. The firm <a href="https://www.financemagnates.com/cryptocurrency/news/ripple-cements-singapore-presence-gains-mpi-license/" target="_blank" rel="follow">obtained a Major Payments Institution license</a> from the Monetary Authority of Singapore last month. This license, awarded to Ripple's local subsidiary, Ripple
Markets APAC Pte Ltd, followed an in-principle approval from the Singapore
regulator to the company earlier this year.</p>

This article was written by Jared Kirui at www.financemagnates.com.