Several cryptocurrency firms have been exploring and expanding their services. Ripple has jumped on this bandwagon and even secured approval from Dubai’s financial regulator.
According to a recent announcement by Ripple, it is set to become the first blockchain-based payment services firm to receive a license from the Dubai Financial Services Authority (DFSA).
This will increase Ripple’s footprint as a regulated company in the Middle East since it may now operate out of the Dubai International Financial Centre (DIFC).
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Ripple’s Expansion And Regulatory Approval
Ripple’s Announcement On X
Ripple took to X (formerly Twitter) to reveal its in-principle approval from the DFSA.
Expansion Of Client Base In UAE
With the latest approval, Ripple is prepared to expand its client base in the United Arab Emirates by offering its digital asset infrastructure. This growth aligns with the firm’s objective of providing companies with quicker and cheaper cross-border payment solutions.
Regulatory Compliance And Infrastructure Investments
In addition, it is more effective by fusing substantial regulatory compliance with continuous investments in infrastructure elements like liquidity. Brad Garlinghouse, Ripple’s Chief Executive Officer, said:
“Blockchain and crypto technologies are here to stay. With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.”
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Ripple’s Global Reach
Global Licensing
It should be noted that Ripple is present in many different parts of the world. The firm is licensed by more than 55 organizations globally, including the Central Bank of Ireland (CBI), the Monetary Authority of Singapore (MAS), and the New York Department of Financial Services (NYDFS).
UAE Consumer Base
In addition, the United Arab Emirates hosts more than 20% of Ripple’s worldwide consumer base. As a result, both the company and its consumers will benefit from the most recent licensing.
How Is XRP Faring?
At press time, XRP was trading at $0.6283. This comes after a 3.47% drop over the past 24 hours. XRP, however, saw a nearly 7% surge throughout the last seven days.
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