XRP Gains Approval From Dubai Financial Services AuthorityđđȘ
XRP becomes the fourth cryptocurrency to be approved for use by licensed digital asset firms within the Dubai International Financial Centre (DIFC).
The San Francisco-based crypto solutions company and cross-border payment firm Ripple shared a bullish development for XRP on Thursday.
The press release revealed that the XRP Ledger (XRPL) native token has been approved by the Dubai Financial Services Authority (DFSA) under its virtual assets regime.
This positive outcome makes XRP the fourth cryptocurrency to be approved by the DFSA virtual asset regime. The previously approved assets comprise Bitcoin (BTC), Ether (ETH) and Litecoin (LTC).
However, XRP is the first virtual asset to be approved by the regime since the DFSA opened up external applications per the Thursday announcement.
XRP adoption expected to grow
Notably, this development enables licensed digital asset companies operating within the Dubai International Financial Centre (DIFC) to integrate XRP into their crypto services.
Also, several institutions in the DIFC can now leverage the XRPL native token to achieve more efficient and faster global value exchange.
Importantly, the approval of XRP under DFSAâs virtual asset regime would allow the sixth-largest cryptocurrency by market capitalization to benefit from the regulatory and legal clarity in the DIFC.
This further implies that XRP no longer has regulatory clarity in the United States alone but also in Dubai. Recall that the XRPL token became the only altcoin to gain regulatory clarity in the U.S. after a federal judge submitted on July 13 that the cryptoasset is not a security.
A few months after Judge Analisa Torres gave this ruling, the U.S. SEC dropped all pending charges against Rippleâs top executives â CEO Brad Garlinghouse and co-founder Chris Larsen.
Ripple CEO responds to XRPâs DFSA approval
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