Key takeaways:
- Ripple declared that the virtual assets program of the Dubai Financial Services Authority (DFSA) had accepted the XRP coin.
- XRP and Toncoin (TONNE) were approved together. Ripple earlier this year outlined its plans to grow in Dubai.
On November 2, Ripple declared that the virtual assets program of the Dubai Financial Services Authority (DFSA) had accepted the XRP coin.
With this permission, virtual asset companies that hold licenses within the Dubai International Financial Centre (DIFC) area, a special economic zone and financial hub located in the largest metropolis of the United Arab Emirates, will be permitted to use XRP. According to Ripple CEO Brad Garlinghouse:
“It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub intent on attracting foreign investment and accelerating economic growth. Ripple will continue to double down on its presence in Dubai and we look forward to continuing to work closely with regulators to realize crypto’s full potential.”
In November 2022, the DFSA had already authorized Litecoin (LTC), Ethereum (ETH), and Bitcoin (BTC). Today, XRP and Toncoin (TONNE) were approved together.
Ripple earlier this year outlined its plans to grow in Dubai. It said today that 20% of its clientele are headquartered in the Middle East and North Africa (MENA) area and that it has selected the DIFC as its MENA headquarters.
Additionally, Ripple disclosed that it has been chosen as the official technology partner by the National Bank of Georgia for its pilot project involving digital lari.
According to the release, Ripple was selected as a partner out of nine applicants for consideration. Now, the program will go through live testing and a pilot phase.
Instead of using the XRP token, the project uses a tokenized version of the Georgian lari (GEL). But for digital currencies used by central banks, the project will leverage Ripple’s CBDC Platform, which is driven by the XRP Ledger (XRPL).
Reportedly, the digital lari will be tested for possible applications in the public, retail, and commercial domains during the pilot stage.
According to a press release from Ripple, the company has already declared experimental projects with the governments of Bhutan, Palau, Colombia, Montenegro, and Hong Kong. According to the company, it is currently doing business with more than 20 different nations.
