Ripple (XRP) has been approved in Dubai for adoption by companies licensed by the Dubai International Financial Centre (DIFC). Such companies will be able to incorporate XRP into their crypto services.
Summary
Ripple approved in Dubai: authorized crypto companies will be able to incorporate XRP into their services
Ripple announced that it has been approved directly by Dubai Financial Services Authority (DFSA). Now Dubai International Financial Centre (DIFC) authorized companies can incorporate XRP into their crypto services.
In practice, XRP is now a “regulated” virtual asset by the DFSA’s virtual asset regime in Dubai, along with Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).
This means that Ripple’s native crypto will benefit from the DIFC’s legal and regulatory clarity and can be used not only by approved companies, but also by institutions.
Ripple approved in Dubai: DFSA encourages adoption of crypto and XRP
Instead, Dubai appears to be listed to become a global cryptocurrency hub. Primarily, this is possible because of more innovative jurisdictions that intend to provide regulatory clarity and guide companies, rather than hinder them, when it comes to crypto.
With DFSA‘s comprehensive regime for the DIFC, the independent regulator is committed to the long-term development of the cryptocurrency, payments and fintech ecosystem within Dubai, as well as providing guidance to companies looking to set up shop in the free zone.
Protecting investors, then, in Dubai is the Virtual Assets Regulatory Authority (VARA), established last year, so as to maintain levels of risk assurance and facilitate innovation.
In this regard, Brad Garlinghouse, CEO of Ripple, said:
“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 leading financial services hub intent on attracting foreign investment and accelerating economic growth.
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 price of XRP and the situation in the US
Apparently, even the US Securities and Exchange Commission had to bow to Ripple.
And in fact, just late last month, the SEC had dropped charges against the executives of Ripple and related crypto XRP, finally surrendering on the never-ending case against Ripple, which began back in 2020.
This is yet another appeal by the government agency after on the celebrated 13 July, Ripple (XRP) had already partially won the case against the SEC, obtaining the ruling that XRP is not a security.
All this movement in recent months has moved the price of XRP. And indeed, on the very day of 14 July, XRP rose as high as $0.81 before settling back to the $0.50 mark in mid-August.
At the time of writing, however, the fifth-largest crypto by market capitalization is worth $0.60, up 8.7% from seven days ago.
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