Ripple Achieves Regulatory Approval To Offer XRP Services

Godspower Owie

1 year ago

3 mins read

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Ripple grabs yet another achievement with its recent legal and regulatory approval which will basically grant crypto-related firms within the Dubai International Financial Center (DIFC) the right to offer XRP services.

Latest Approval Sparks Broader XRP Adoption

According to a recent announcement, XRP was recently approved under the digital asset regime of the Dubai independent financial services regulatory body within the DIFC, Dubai Financial Services Authority (DFSA).

This achievement appears to be more significant than it seems. This is due to the position held by the DIFC as the top financial center not only in Dubai or the UAE, but also covering a huge territory, including the whole Middle East, Africa, and South Asia (MEASA) region.

Additionally, for the past 20 years and counting, the DIFC has been the hub for a variety of financial initiatives, which makes it one of the major locations for companies, investors, and financial institutions in the MEASA area.

With this approval, regulated cryptocurrency-focused businesses based in the MEASA region would be able to provide all kinds of cryptocurrency-related services using XRP. These include lending, and trading, among others.

Trade and investment within the MEASA region have benefited abundantly from the DIFC’s assistance. This is because it is crucial for connecting MEASA companies and investors with the rest of the globe.

Due to this, the financial hub’s legislative lucidity on XRP creates several opportunities for the crypto asset throughout the 72 MEASA member nations.

XRP currently trading at $0.0606 | Source: XRPUSDT by Tradingview.com

This is a significant achievement because despite XRP already enjoying regulatory clarity in several MEASA nations with pro-crypto laws, it may buttress its notoriety in the area. Thereby introducing the digital asset to a major number of MEASA firms whose headstations are located there.

Another reason why the approval is impressive is because a lot of major players in the cryptocurrency ecosystem are from the MEASA region. These include crucial nations like the United Arab Emirates, Egypt, Qatar, Israel, Turkey, Saudi Arabia, and India.

As part of the DIFC’s crypto asset regime, XRP has become the first cryptocurrency that the regulatory body authorized legally and regulatoryly through an external application.

The digital asset is now the latest addition to other digital assets like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) in the region. However, these other assets were not approved through an external application.

India The Leading Player In Cryptocurrency Adoption

India being in the MEASA region sparks a wider adoption of XRP as the country has been the top major player in cryptocurrency adoption since 2023.

According to an excerpt that was released in September by the New York-based blockchain analytics firm Chainalysis, it was revealed that India was leading the charge in terms of grassroots cryptocurrency adoption.

In addition, several other countries leading the grassroots crypto adoption appeared to be from the MEASA region, such as Vietnam, Pakistan, and Indonesia.

Nonetheless, XRP’s latest approval will buttress extensive regional payment solutions and use cases for several other crypto assets on the XRP Ledger (XRPL).

Featured image from Analytics Insight, chart by Tradingview.com

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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