Dubai’s Financial Regulator Approves XRP Under Virtual Assets Regime

• The DFSA has expanded its virtual assets regime to permit a total of four cryptocurrencies.
• Ripple’s CEO praised Dubai’s ongoing commitment to the regulation of digital assets.

According to a recent announcement by Ripple, the XRP token has been approved by the Dubai Financial Services Authority (DFSA) as part of its virtual assets regime. According to the press release by Ripple, licensed enterprises in Dubai International Financial Centre (DIFC) may now include XRP into their virtual asset offerings.

Moreover, this development signals a success for Ripple after winning its legal fight with the U.S SEC, delivering improved legal certainty for XRP and perhaps driving a jump in its value. Also, by adding XRP to Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), the DFSA has expanded its virtual assets regime to permit a total of four cryptocurrencies.

Nurturing Innovation

According to Ripple, XRP stands to gain from the clarity provided by DIFC’s legal and regulatory framework. The company expects this could open the way for regional payments and other use cases using virtual assets on the XRP Ledger.

With regards to the XRP listing, Ripple CEO Brad Garlinghouse praised Dubai’s ongoing commitment to the regulation of digital assets, praising the emirate for its role in “nurturing innovation.” The UAE is moving in the direction of establishing a regulatory framework that will provide clarity and direction for firms authorized to provide virtual asset services.

The news coincides with Ripple’s flagship event, Ripple Swell, which will be held in Dubai on November 8-9 and will bring together key voices from the financial sector and regulatory authorities.

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