Ripple has received official approval from the Dubai Financial Services Authority (DFSA) to be used within Dubai’s financial ecosystem, marking a significant milestone for the XRP ecosystem, according to Ripple.
XRP Receives Approval from DIFC
The native token of the Ripple network, XRP, has been approved for usage in Dubai. This allows authorized firms located in the Dubai International Financial Centre (DIFC) to use the token as a virtual asset service, as disclosed by Ripple in a post on X (previously Twitter) on Thursday.
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“Licensed firms in the Dubai International Financial Centre (DIFC) are now able to incorporate XRP into their virtual asset services as per the approval of the Dubai Financial Services Authority (DFSA) under its virtual assets regime,” according to Ripple.
The inclusion of XRP in the Dubai cryptocurrency markets via the DIFC will benefit the cryptocurrency in several ways, one of which is that it will improve its standing after it suffered a setback as a result of its legal dispute with the US Securities and Exchange Commission (SEC). Clarity in law and regulation will also help the cryptocurrency, and it may also lead to the creation of use cases for virtual assets on the XRP Ledger (XRPL) and regional payments.
The introduction of XRP into Dubai’s financial ecosystem was welcomed by Ripple CEO Brad Garlinghouse, who also commended Dubai for its steadfast dedication to innovation and virtual asset regulation.
When it comes to fostering innovation and regulating virtual assets, Dubai is still at the forefront of the world. “It’s encouraging to see the DFSA promote digital assets like XRP in order to establish Dubai as a premier financial services center with the goal of drawing in foreign capital and quickening economic expansion,” the CEO said.
“Ripple will continue to double down on its presence in Dubai, and we look forward to continuing to work closely with regulators to realize the full potential of cryptocurrency,” Garlinghouse continued.
Partnering With The NBG, Ripple
Official clearance has been granted by the National Bank of Georgia (NBG) to Ripple’s collaboration for the Digital Lari (GEL) pilot project.
CryptoCaster Quick Check:
We are pleased to announce our collaboration on the Digital Lari (GEL) pilot project with the National Bank of Georgia (NBG). In an X post, the company stated that the trial will make use of Ripple’s highly regarded CBDC Platform to assess useful use cases and advantages for enterprises and the public sector.
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After a rigorous selection procedure, the cryptocurrency company was the only one picked by the NBG to support its national digital currency. The NBG will use the crypto firm’s CBDC platform as a testing technology to develop and carry out the pilot program.
James Wallis, Vice President of Central Bank Engagements at Ripple, praised the new alliance and predicted that the NBG will gain a lot from the capabilities of its CBDC platform.
Wallis said, “This pilot will pave the way for transformative advancements in the utilization of blockchain technology within the public sector by harnessing the power of the Ripple CBDC Platform.”
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