XRP Gains Dubai License as Virtual Asset

3/11/2023

Ripple Labs has received a license from the Dubai Financial Services Authority (DFSA) to use its digital asset XRP within the Dubai International Financial Centre (DIFC). This approval officially recognizes XRP as a digital asset and allows licensed firms in the region to incorporate it into their cryptocurrency services. The DFSA previously approved Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) under its virtual assets regime. Ripple's choice of Dubai as its MENA headquarters in 2020 was driven by the favorable conditions and regulations in the region. This move is expected to accelerate XRP adoption and expand its ecosystem, potentially unlocking new regional payment and virtual asset use cases on the XRP Ledger. Ripple holds other licenses, including the Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). Ripple is actively seeking licenses in the UK and Ireland, further expanding its regulatory presence.

Resource: https://coingape.com/just-in-xrp-bags-dubai-license-recognizing-it-as-virtual-asset/