In a significant development, the Dubai Financial Services Authority (DFSA) has granted approval for the use of Ripple (XRP) within the Dubai International Financial Center (DIFC). This marks XRP as the first virtual asset to receive approval under the DFSA’s external applications process.
Ripple, the blockchain-based payment protocol, officially announced the approval today. Licensed virtual asset firms operating within the DIFC can now integrate XRP into their services. Notably, XRP also joins the ranks of BTC, ETH, and LTC, which were previously approved assets under the DFSA’s virtual assets framework.
The approval of XRP is anticipated to bring about legal and regulatory clarity within the DIFC, enabling institutions in the region to facilitate faster and more efficient global value exchange.
Ripple CEO Brad Garlinghouse commended Dubai’s commitment to fostering innovation and embracing digital assets like XRP. He affirmed Ripple’s dedication to expanding its presence in Dubai and collaborating closely with regulators to unlock the full potential of cryptocurrencies.
The listing of XRP in Dubai is seen as a catalyst for unlocking new regional payment solutions and other virtual asset use cases on the XRP Ledger, as outlined in the official statement.
Ripple is set to host a significant event in Dubai on November 8-9, providing a platform for collaboration between the financial industry and regulatory bodie