Ripple Achieves Regulatory Approval To Offer XRP Services
03 Novembre 2023 - 6:00PM
NEWSBTC
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). Related Reading: Dubai Watchdog Sounds The Alarm
On Crypto Regulatory Blind Spots 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. 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. Related
Reading: XRP Ledger Market Cap Soars On Regulatory Success: 59% YTD
Growth Achieved 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
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