{"id":10716,"date":"2024-10-01T14:07:03","date_gmt":"2024-10-01T14:07:03","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=10716"},"modified":"2024-10-01T14:07:03","modified_gmt":"2024-10-01T14:07:03","slug":"ripple-strengthens-its-presence-in-dubai-with-a-new-approval","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=10716","title":{"rendered":"Ripple Strengthens its Presence in Dubai With a New Approval"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Ripple received approval to boost its operations in the Middle East.
\nDespite the news, XRP\u2019s price remained steady around $0.62, with no significant change noted in the past 24 hours.<\/p>\n

<\/a><\/span><\/h2>\n

The Expansion in Dubai<\/h2>\n

Ripple <\/span>secured<\/span><\/a> in-principal approval from the Dubai Financial Services Authority (DFSA) to expand its operations within the Dubai International Financial Centre (DIFC). Thus, it became the first blockchain-enabled payment services provider licensed by the local regulator.<\/span><\/p>\n

The greenlight doubles down on Ripple\u2019s intentions to strengthen its presence in the Middle East following the establishment of its regional headquarters in Dubai in 2020. The company claimed regulatory clarity in the United Arab Emirates (UAE) has allowed it to emerge as the current trade hub with access to fast-growing markets across the Middle East, Africa, and South Asia.<\/span><\/p>\n

\u201cThe comprehensive regulatory framework established by the DFSA, alongside other regulators in the country, has created an environment where innovative crypto firms can thrive,\u201d the announcement reads.<\/span><\/p>\n

Speaking on the matter was<\/span> Salmaan Jaffery (Chief Business Development Officer of the DIFC Authority) <\/span>who<\/span> welcomed Ripple\u2019s continued expansion in the region.<\/span>\u00a0<\/span><\/p>\n

The latest approval is part of the firm\u2019s strategy to collaborate with lawmakers and watchdogs globally \u201cto integrate compliant blockchain and crypto technologies that complement the existing financial system.\u201d As of now, Ripple holds more than 55 licenses worldwide, including from the New York Department of Financial Services (NYDFS) and the Monetary Authority of Singapore (MAS).\u00a0<\/span><\/p>\n

Reece Merrick (Ripple Managing Director, Middle East and Africa) described the development as a \u201cpivotal moment\u201d for the company\u2019s operations <\/span>in the area<\/span>.<\/span><\/p>\n

\u201cOver 20% of Ripple\u2019s global customer base <\/span>is located<\/span> in the UAE <\/span>and as<\/span> we continue to <\/span>extend<\/span> our operations and services, we are fulfilling the growing demand for more efficient and cost-effective cross-border payment solutions.<\/span> We look forward to supporting the UAE\u2019s vision to become a leading global crypto and fintech hub by driving the institutional adoption of blockchain technology,\u201d he added.<\/span><\/p>\n

The Previous Partnership in Dubai<\/span><\/h2>\n

Ripple <\/span>disclosed<\/span><\/a> its initial strategic collaboration with the Dubai International Financial Center (DIFC) in August <\/span>this year<\/span>. The deal\u2019s primary goal was to boost crypto adoption amongst early-stage companies and introduce the benefits of blockchain technology to firms <\/span>part<\/span> of the zone.\u00a0<\/span><\/p>\n

The DIFC is a <\/span>special<\/span> economic area established as a financial hub for businesses <\/span>operating<\/span> in the Middle East, Africa, and South Asia. It is monitored and supervised by the local regulator and offers clients a 50-year guarantee of zero taxes on corporate income and profits.<\/span><\/p>\n

Speaking<\/span> on the matter back then <\/span>was Ripple\u2019s CEO Brad Garlinghouse <\/span>who<\/span> placed<\/span> the UAE among \u201cthe most advanced jurisdictions globally\u201d when it comes to offering regulatory clarity.<\/span><\/p>\n

\u201cOur partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region\u2019s start-ups and\u00a0scale-ups\u00a0building real use cases,\u201d he added.<\/span><\/p>\n

XRP Price Outlook<\/span><\/h2>\n

Ripple\u2019s native token<\/span>\u00a0<\/span>remained largely unaffected by the company\u2019s further expansion in the Middle East. It currently trades at around $0.62 (per <\/span>CoinGecko\u2019s<\/span> data), representing a mild decrease of less than 1% compared to the figure witnessed on September 30.<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

Still, many analysts believe October could be highly successful for XRP. <\/span>Those willing to explore some of the most interesting forecasts <\/span>as of late can check<\/span> our detailed article <\/span>here<\/span><\/a>.<\/span><\/p>\n

The post Ripple Strengthens its Presence in Dubai With a New Approval<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Ripple received approval to boost its operations in the Middle East. Despite the news, XRP\u2019s price remained steady around $0.62, with no significant change noted in the past 24 hours. The Expansion in Dubai Ripple secured in-principal approval from the Dubai Financial Services Authority (DFSA) to expand its operations within the Dubai International Financial […]<\/p>\n","protected":false},"author":0,"featured_media":10717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10716"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10716"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10716\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10717"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}