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Ripple has made a major announcement stating that the Dubai Financial Services Authority (DFSA) has approved the use of XRP within the Dubai International Financial Centre (DIFC).

The announcement clears the way for digital asset companies to incorporate XRP into their services. 

DFSA Gives Ripple The Green Light 

The announcement by Ripple comes at a time when it has seen positive developments in its ongoing battle with the United States Securities and Exchange Commission (SEC). The news means digital asset firms will be able to integrate XRP into their services. Ripple broke the news on X (formerly Twitter), stating, 

“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. Licensed virtual asset firms within the DIFC will now be able to incorporate XRP into their virtual asset services.”

The news also had a positive impact on the price of XRP, with the token currently trading at $0.59. Brad Garlinghouse, the CEO of Ripple, who, along with Chris Larsen, was cleared of all charges, added that Ripple will look to expand its presence in Dubai and will work together with regulators and realize the full potential of crypto. Garlinghouse stated, 

“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. Ripple will continue to double down on its presence in Dubai, and we look forward to continuing to work closely with regulators to realize crypto’s full potential.” 

The Dubai Financial Services Authority’s approval for Ripple could potentially unlock new regional payments and other virtual asset use cases on the XRP ledger. A key builder and user of the XRP ledger, Ripple selected the Dubai International Financial Centre as the location for its MENA headquarters in 2020. Dubai was chosen thanks to

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Author: Amara Khatri

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