XRP approved by Dubai’s Financial Services Authority

San Francisco-based payments firm Ripple Labs says the XRP token has been approved by the Dubai Financial Services Authority (DFSA), allowing businesses in Dubai International Financial Center (DIFC) to incorporate the cryptocurrency into their virtual asset services. announced on Thursday.

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fast facts

  • The approval of XRP will allow institutions in the DIFC to use the cryptocurrency for global value transfers, Ripple said. press release.
  • XRP joins Bitcoin, Ether, and Litecoin as cryptocurrencies approved by the DFSA.
  • “Dubai continues to demonstrate global leadership in regulating crypto assets and fostering innovation,” Ripple CEO Brad Garlinghouse said in a statement. “Ripple looks forward to doubling down on its presence in Dubai and continuing to work closely with regulators to realize the full potential of cryptocurrencies.”
  • Ripple’s RippleNet is a currency exchange network for cross-border payments using XRP. In July, Ripple filed a lawsuit with the U.S. Securities and Exchange Commission claiming that Ripple’s sales of XRP to institutional investors violate securities laws, but that its sales to individual investors on public exchanges violate securities laws. U.S. District Judge Annalisa Torres won a partial victory, ruling that there was no violation.
  • Ripple’s flagship event, Ripple Swell, is scheduled to begin in Dubai on November 8th, with the aim of bringing together influential voices from the financial and regulated industries. Alya Al Zarouni, Chief Operating Officer of DIFC, will be on the main stage of the event.
  • XRP fell 0.28% in the 24-hour period ending at 5:30pm in Hong Kong, trading at US$0.6051, according to . coin market cap.

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