Ripple has revealed that the Dubai Financial Services Authority (DFSA) has approved XRP, the cryptocurrency token, under its virtual assets regime. This allows licensed firms in the Dubai International Financial Centre (DIFC) to incorporate XRP into their virtual asset services.
With the addition of XRP, the number of digital assets permitted under the DFSA’s virtual assets regime stands at four, with the Ripple token joining Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).
Ripple believes this development could open up the potential for new regional payments and other use cases for XRP on the XRP Ledger, and it will benefit from the DIFC’s legal and regulatory clarity.
The approval comes just days after Ripple forged a strategic partnership with crypto exchange Uphold, and ahead of Ripple Swell, a major event to be held in Dubai on November 8-9.
Ripple CEO Brad Garlinghouse praised Dubai’s commitment to the regulation of digital assets, noting its role in promoting innovation. He said: “It’s great to see the DFSA encouraging the adoption and use of digital assets such as XRP to position Dubai as a financial services hub that attracts foreign investment and drives economic growth. Ripple will continue to strengthen its presence in Dubai and look forward to working closely with regulators to unlock the full potential of crypto.”