Ripple’s XRP Token Approved by DFSA, Expanding Presence in Dubai and Beyond

Ripple’s XRP Token Approved by DFSA, Expanding Presence in Dubai and Beyond

Ripple, the blockchain payments firm, recently announced that its XRP token has been approved under the Dubai Financial Services Authority’s (DFSA) virtual assets regime. This approval is significant as it enables virtual asset firms, licensed within the Dubai International Financial Centre (DIFC) area, to make use of XRP. As Dubai is a major financial hub and economic zone in the United Arab Emirates, this approval opens up new opportunities for Ripple’s XRP in the region.

Brad Garlinghouse, CEO of Ripple, welcomed the DFSA’s decision and expressed his excitement over the adoption and use of digital assets such as XRP. He emphasized that Ripple will continue to strengthen its presence in Dubai and collaborate closely with regulators to unlock the full potential of cryptocurrencies. This commitment aligns with Ripple’s previously stated goal of expanding within Dubai, and further solidifies the choice of the DIFC as its Middle East and North Africa (MENA) headquarters.

In addition to its progress in Dubai, Ripple also announced a partnership with the National Bank of Georgia. The bank selected Ripple as its official technology partner for a digital lari pilot project. This selection followed a rigorous evaluation process that involved nine candidates. The project aims to explore the possibilities of a tokenized version of the Georgian lari (GEL), leveraging Ripple’s CBDC Platform for central bank digital currencies, which is powered by the XRP Ledger (XRPL).

With the selection of Ripple as the technology partner, the digital lari pilot project will now advance to a pilot phase and live testing. During this stage, the project will experiment with various applications of the digital lari in the public sector, for businesses, and for general retail users. This initiative highlights Ripple’s focus on collaborating with governments and central banks worldwide to explore the potential of digital currencies.

Ripple’s press release stated that the company has already announced pilot programs with governments in five other regions, namely Bhutan, Palau, Colombia, Montenegro, and Hong Kong. This demonstrates Ripple’s commitment to engaging with various countries and exploring opportunities for blockchain-based solutions. Currently, Ripple is actively engaging with more than 20 other countries, further emphasizing its global reach and ambition.

Ripple’s XRP token receiving approval from the DFSA marks a significant milestone for the company’s expansion in Dubai and its broader aspirations. With the ability to operate within the DIFC jurisdiction, Ripple can tap into the growing virtual asset market in Dubai and strengthen its position in the MENA region. Moreover, the partnership with the National Bank of Georgia highlights Ripple’s technological capabilities and its pursuit of innovative use cases for digital currencies. As Ripple continues to evolve and collaborate with governments worldwide, its presence in the blockchain industry is set to make a lasting impact.

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