Key takeaways:
- Ripple is all set to increase its presence in Dubai as a result of the region’s rapid growth in the blockchain space.
- As part of the expansion, Ripple will establish a new office site in the Dubai International Financial Centre (DIFC).
Ripple, a major blockchain-based payments technology business, has made headlines yet again with its plan to extend its operations to Dubai, the Middle East’s burgeoning financial capital.
This strategic decision demonstrates Ripple’s commitment to undertaking the potential of blockchain technology in revolutionising cross-border payments, while also cementing Dubai‘s status as a worldwide blockchain hotspot.
The decision should come with little to no surprise given that the Middle East and North Africa (MENA) area is one of Ripple’s most important regions, accounting for around 20% of RippleNet consumers. CEO of Ripple Brad Garlinghouse tweeted about the latest announcement he made at the Dubai Fintech Summit.
Furthermore, Ripple can encourage commerce and investment, boosting economic growth and diversity in the area by facilitating international payments for firms and fostering financial connectedness.
This announcement follows Garlinghouse’s advice to entrepreneurs to forgo launching their businesses in the United States owing to the current regulatory environment in a roundtable chat.
It is important to note that Ripple has been embroiled in a two-year legal battle with the US Securities and Exchange Commission (SEC). Furthermore, the judicial procedures concerning the security definition of digital assets have been widely publicised. As a result, occupying a critical position in the industry’s regulatory stance.
However, apart from the ongoing SEC battle,the crypto services firm will open a new office in the Dubai International Financial Centre and will hold its seventh annual client conference on November 8-9 in the UAE capital. Later this year, the provider of crypto solutions will also host the seventh iteration of its yearly customer conference in Dubai.
The action was taken shortly after Dubai’s Virtual Assets Regulatory Authority (VARA) published its regulations for governing the emerging cryptocurrency market through 2023. Companies who distribute digital assets, according to VARA, are required to follow the rules, starting with getting a necessary licence.
