Ripple gains DFSA approval for XRP in DIFC, enabling licensed virtual asset firms to offer XRP.
Today, the Dubai Financial Services Authority (DFSA) approved XRP under its virtual assets regime – allowing licensed firms in the Dubai International Financial Centre (@DIFC) to incorporate XRP into their virtual asset services.
Learn more: https://t.co/JNcd4ROhoI
— Ripple (@Ripple) November 2, 2023
Main Points
- Ripple has received approval from the Dubai Financial Services Authority (DFSA) to use the digital asset XRP within the Dubai International Financial Centre (DIFC).
- This makes XRP the first virtual asset to be approved by the DFSA since it opened up external applications.
- XRP joins BTC, ETH, and LTC as approved assets under the DFSA’s virtual assets regime.
- Ripple’s CEO, Brad Garlinghouse, commended Dubai’s regulatory leadership and the DFSA’s support for digital assets, highlighting their commitment to fostering innovation.
- Dubai’s listing of XRP can potentially unlock new regional payment and virtual asset use cases on the XRP Ledger.
- Ripple established its MENA headquarters in the DIFC in 2020 due to Dubai’s forward-thinking regulations and global financial center status.
- The announcement coincides with Ripple Swell, a significant event in Dubai, bringing together industry experts, regulatory voices, and thought leaders.
- The event will feature speakers from the DIFC, VARA, and other global influencers in fintech, finance, and crypto.