DIFC Champions Dubai as a Global Crypto Hub With Approval of XRP Under Its Virtual Assets Regime
November 3, 2023, Dubai – The Dubai International Financial Centre (DIFC) has given its approval to Ripple’s digital asset XRP for use within its jurisdiction. This makes XRP the first virtual asset to be approved by the Dubai Financial Services Authority (DFSA) since it opened up external applications. Licensed virtual asset firms operating within the DIFC can now incorporate XRP into their services.
The DFSA’s virtual assets regime already includes BTC, ETH, and LTC. With the addition of XRP, the DIFC aims to provide legal and regulatory clarity to institutions located within its jurisdiction and facilitate faster and more efficient global value exchange.
The United Arab Emirates (UAE) has emerged as one of the most innovative jurisdictions in terms of offering regulatory clarity for licensed firms in the virtual asset space. The DFSA’s comprehensive regime for the DIFC demonstrates its commitment to the long-term development of the crypto, payments, and fintech ecosystem in Dubai. The UAE also established the Virtual Assets Regulatory Authority (VARA) last year to ensure investor protection, risk assurance, and innovation facilitation.
Ripple CEO, Brad Garlinghouse, expressed his excitement about Dubai’s global leadership in regulating virtual assets, stating, “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 listing of XRP in Dubai has the potential to unlock new regional payment options and other virtual asset use cases on the XRP Ledger. Ripple chose the DIFC as its MENA headquarters in 2020 due to Dubai’s forward-thinking regulations, extensive network, and reputation as a global financial center. Approximately 20% of Ripple’s customers are based in the MENA region.
This announcement coincides with Ripple Swell, the company’s flagship event that brings together influential voices from the financial industry and regulatory sectors. The event will take place in Dubai on November 8-9.
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