The Dubai International Financial Centre (DIFC) has given an XRP license for use in virtual asset services, which Ripple Labs announced.
As per Ripple Labs, the use of its related digital asset XRP within the Dubai International Financial Centre (DIFC) has been permitted by the Dubai Financial Services Authority (DFSA).
With this license, XRP can now be included by licensed companies in the area in their crypto service offerings since the DFSA has formally recognized it as a digital asset.
Significantly, this is yet another significant turning point for the Ripple ecosystem because on July 13th, Judge Analisa Torres’ ruling made the coin the sole legally recognized non-security in the United States.
Notably, since the DFSA began accepting applications from outside parties, XRP is the most recent virtual asset to be authorized. Under the DFSA’s virtual assets regime, the previously authorized digital currencies were Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
Moreover, the recent advancement places XRP ahead of the legal and regulatory lucidity provided by the DIFC. As a result, granting this Ripple license would hasten coin adoption and make the XRP ecosystem’s growth easier.
As stated in the announcement, it may open up other use cases for virtual assets on the XRP Ledger, including new regional payments.Since US officials appeared to impede its activities, Ripple (XRP) has set its sights firmly on Dubai for some time.
The payment company deliberately decided to locate its MENA headquarters in the DIFC in 2020. Dubai takes pride in being one of the few places with innovative laws, a vast network, and a reputation that supports the growth of the financial industry. Brad Garlinghouse, Ripple CEO said:
“Dubai continues to demonstrate global leadership when it comes to the regulation of virtual assets and nurturing innovation. It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub intent on attracting foreign investment and accelerating economic growth,”
In addition, Ripple is licensed by the Monetary Authority of Singapore (MAS) to operate as a Major Payments Institution (MPI). In addition, the business is presently applying for permission from the UK and Ireland through licenses.
