On November 2, Ripple announced that its XRP token has received approval from the Dubai Financial Services Authority (DFSA) under its virtual assets regime. This approval allows licensed virtual asset firms within the Dubai International Financial Centre (DIFC) to use XRP, marking a significant step for Ripple’s expansion in the UAE’s financial hub.
Brad Garlinghouse, CEO of Ripple, expressed enthusiasm about the DFSA’s support for digital assets like XRP and emphasized Ripple’s commitment to further growth in Dubai. The DFSA had previously approved Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) in November 2022, and today, it also approved Toncoin (TON) alongside XRP.
Ripple has identified the DIFC as its Middle East and North Africa (MENA) headquarters, reflecting its strategic focus on the region, where around 20% of its customers are based.
In related developments, Ripple has been selected by the National Bank of Georgia as the technology partner for its digital lari pilot project. This initiative, involving a tokenized version of the Georgian lari (GEL), will utilize Ripple’s Central Bank Digital Currency (CBDC) Platform, which is powered by the XRP Ledger (XRPL). The pilot will explore potential uses of the digital lari across public, business, and retail sectors.
Ripple’s engagement with various governments continues, with previous pilot programs in Bhutan, Palau, Colombia, Montenegro, and Hong Kong, and ongoing discussions with over 20 additional countries.
