Dubai Approves XRP for Usage in Dubai International Financial Centre

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.