Ripple was permitted to expand its activities in the Middle East.
Despite the news, the price of XRP stayed constant at $0.62. The previous day, showed no discernible movement.
The Ripple Gain Growth in Dubai
The Dubai Financial Services Authority (DFSA) granted Ripple in-principle clearance to grow its business activities inside the Dubai International Financial Centre (DIFC). As a result, it obtained the first license from the local authority to offer payment services enabled by blockchain.
With the approval, Ripple is strengthening its efforts to fortify its position in the Middle East. After locating its regional headquarters in Dubai in 2020. The corporation stated that it has become the current trading hub with access to rapidly expanding markets. Throughout the Middle East, Africa, and South Asia because of the regulatory clarity in the United Arab Emirates (UAE).
Salmaan Jaffery, the Chief Business Development Officer of the DIFC Authority, addressed the issue and praised Ripple’s ongoing growth in the area.
The company plans to work with legislators and watchdogs worldwide “to integrate compliant blockchain and crypto technologies. Complement the existing financial system,” this recent approval is a part of that strategy. Presently, Ripple possesses over 55 licenses from various organizations across the globe, such as the Monetary Authority of Singapore (MAS) and the New York Department of Financial Services (NYDFS).
For the company’s activities in the region, Reece Merrick, Managing Director of Ripple in the Middle East and Africa, called the development a “pivotal moment.”
The Former Dubai Partnership Of Ripple
In August of this year, Ripple announced the first strategic partnership with the Dubai International Financial Center (DIFC). The main objectives of the agreement were to increase the uptake of cryptocurrencies among startups. They educate businesses in the zone about the advantages of blockchain technology.
The government created a special economic zone called the DIFC to serve as a financial center for companies doing business in South Asia, Africa, and the Middle East. The local regulator oversees and monitors it, and it provides clients with a 50-year guarantee of no business income or profit taxes.
When it came to providing regulatory clarity, the UAE was ranked as one of “the most advanced jurisdictions globally” by Ripple CEO Brad Garlinghouse, who addressed the issue at hand.
Prospects for XRP Price
The company’s continued growth in the Middle East had no impact on Ripple’s native coin. According to CoinGecko’s data, it is presently trading at approximately $0.62. That is a slight decline of less than 1% from the value observed on September 30.
Still, many analysts believe October could be highly successful for XRP.
