XRP obtains Dubai virtual asset license

According to Ripple Labs, the Dubai Financial Services Authority (DFSA) has approved the use of its XRP-related digital assets within the Dubai International Financial Center (DIFC).

XRP license issued by DIFC

The license means the DFSA officially recognizes XRP as a digital asset, thus allowing licensed companies in the region to include it in their cryptocurrency offerings.

Notably, this marks another important milestone for the Ripple ecosystem, following Judge Analisa Torres’ ruling on July 13, making Ripple the only non-security currency recognized as legal tender in the United States.

It is worth mentioning that Ripple It is the latest virtual asset to be approved since the DFSA opened to external applications.

Bitcoin (Bitcoin), Ethereum (ETH) and Litecoin (LTC) are digital currencies previously approved under the DFSA’s virtual asset regime.

Additionally, this latest development puts XRP ahead of the legal and regulatory clarity provided by the DIFC.

Therefore, offering a Ripple license will accelerate the adoption of the coin and facilitate the expansion of the XRP ecosystem.

According to the announcement, it has the potential to unlock new regional payments and other virtual asset use cases Ripple Ledger.

Favorable Conditions for Cryptocurrency in Dubai

Ripple (XRP) has been eyeing Dubai for some time, especially as U.S. regulators appear to be discouraging its operations.

The payments company was very intentional when it chose DIFC as the location for its MENA regional headquarters in 2020. Dubai is proud to be one of the few regions with favorable conditions such as innovative regulations, network expansion and reputation that contribute to the growth of the financial industry.

Ripple CEO Brad Garlinghouse said:

“Dubai continues to demonstrate global leadership in regulating virtual assets and fostering innovation. It is great to see the DFSA encouraging the adoption and use of digital assets such as XRP, positioning Dubai as a leading financial services center that attracts foreign investment and drives economic growth.”

Ripple holds other licenses, including a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). In addition, the company is currently seeking approval in the form of licenses in the United Kingdom and Ireland.

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