Dubai Financial Services Authority (DFSA) has approved XRP for use within the Dubai International Financial Center (DIFC), becoming the first virtual asset approved by the regime since DFSA opened external applications.
Ripple announced the approval today. Licensed virtual asset firms within the DIFC will now be able to include XRP in their virtual asset services. XRP joins BTC, ETH and LTC as assets previously approved under the DFSA's virtual assets regime.
The approval of XRP is expected to provide legal and regulatory clarity in the DIFC and can be used by institutions in the DIFC to accelerate faster, more efficient global exchange of value.
Ripple CEO Brad Garlinghouse praised Dubai's efforts to encourage innovation and support the adoption of digital assets such as XRP. He stated that Ripple will continue to increase its presence in Dubai and will work closely with regulators to realize the full potential of cryptocurrencies.
Listing of XRP in Dubai has the potential to unlock new regional payments and other virtual asset use cases on the XRP Ledger, according to the official statement.
Ripple will hold a major event in Dubai on November 8-9, bringing together the financial industry and regulators.
*This is not investment advice.