Dubai has approved XRP in its virtual assets regime
Ripple said it will allow licensed organizations to include XRP in their crypto asset services. CEO Brad Garlinghouse said Dubai continues to grow as a global leader in crypto regulation and innovation. Other cryptocurrencies allowed by DFA Virtual Asset Management are BTC, ETH and LTC.
Ripple has announced that the Dubai Financial Services Authority (DFSA) has officially approved the XRP cryptocurrency token under the regulator's virtual assets regime.
The approval will allow licensed entities in the Dubai International Financial Center (DIFC) to integrate XRP with their virtual assets, the blockchain company said in a press release.
XRP joins BTC, ETH and LTC on the DFA list
The DFA's approval of XRP brings to four the number of digital assets permitted under the regulator's virtual assets regime, joining Ripple token Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).
According to Ripple, the development could see XRP benefit from the DIFC's legal and regulatory clarity. The company believes that this has “the potential to open up new regional payments and other virtual asset use cases on the XRP Ledger.”
Today's announcement comes just days after Ripple entered into a strategic partnership with crypto exchange Uphold as it looks to strengthen its cross-border payments infrastructure. It also comes ahead of Ripple Swell, a major event scheduled for Dubai on November 8-9, with Alia Al Zarooni, COO of DIFC; and Henson Orser, CEO of VARA.
Commenting on XRP's listing, Ripple CEO Brad Garlinghouse praised Dubai's role in “nurturing innovation” as it continues to regulate digital assets.
“It is refreshing to see the DFA encouraging the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub, aiming to attract foreign investment and accelerate economic growth. “Ripple will continue to double its presence in Dubai and we look forward to continuing to work closely with regulators to realize the full potential of crypto,” Garlinghouse added.
