Dubai Financial Services Authority Approves XRP Token Use in Major Expansion, Unlocking Access to 4,300 Companies in MEASA Region

Dubai Financial Services Authority Approves XRP Token Use in Major Expansion, Unlocking Access to 4,300 Companies in MEASA Region

Crypto News – In a significant development, the Dubai Financial Services Authority (DFSA) has granted its approval for the use of XRP tokens within the Dubai International Financial Centre (DIFC). This regulatory green light opens the door for Ripple to extend its XRP token’s reach to over 4,300 active registered companies operating in the Middle East, Africa, and South Asia (MEASA) region.

The approval, announced on November 2, 2023, paves the way for cryptocurrency firms licensed within the DIFC to integrate XRP into their suite of virtual asset services. This strategic move by Ripple facilitates the exploration of fresh avenues for regional payments and other virtual asset applications on the XRP Ledger.

Notably, XRP now stands alongside Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) as digital assets that have received approval under the Dubai DFSA’s virtual assets framework. This expansion aligns with Ripple’s commitment to broader market access and adoption.

Further underscoring Ripple’s global ambitions, in June 2023, the company secured in-principle approval for a Major Payments Institution License in Singapore, another pivotal hub for cryptocurrency enterprises, in addition to Dubai.

Looking ahead, between November 8 and 9, 2023, Ripple is scheduled to host the Ripple Swell event in Dubai. This flagship gathering brings together prominent figures from the financial industry and regulatory spheres. Given the context of the Summary Judgment in the XRP lawsuit by Judge Analisa Torres in July 2023, it remains to be seen if any new revelations will be unveiled during the event. The Ripple Swell event will provide a platform for sharing stories and insights from Ripple’s clientele and thought leaders within the industry, shedding light on how businesses are leveraging blockchain and cryptocurrency technologies.

In a related note, CoinGape previously reported a price prediction for XRP, forecasting a range of $0.90 to $1, contingent on the token breaking through the prevailing resistance at approximately $0.68. Despite recent corrections, XRP demonstrated a 9% gain over the past week, indicating continued market resilience.