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Ripple's XRP greenlighted by Dubai Financial Services Authority ahead of anticipated IPO

Published Nov 04, 2023 10:04AM ET
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Ripple's XRP has received approval for use within the Dubai International Financial Centre (DIFC) from the Dubai Financial Services Authority (DFSA). This decision allows over 4,300 DIFC companies to integrate XRP into their operations, expanding Ripple's influence in the Middle East, Africa, and South Asia region. Ripple CEO Brad Garlinghouse applauded Dubai’s pro-innovation regulators and emphasized Ripple's dedication to jurisdictions with clear crypto regulations.

XRP now aligns with Bitcoin, Ethereum, and Litecoin as DFSA-endorsed digital assets, demonstrating Dubai's commitment to cryptocurrency and blockchain technology. The endorsement could enhance XRP's reputation, which was tarnished during a lengthy SEC lawsuit. Despite a slight increase in XRP's market value to $0.604621 per coin, it remains below its July peak of $0.82 following a ruling by Judge Analisa Torres that partially favored Ripple in the SEC lawsuit.

In another significant development, Ripple has also been incorporated into the Digital Lari pilot project on the XRP Ledger by the National Bank of Georgia. These positive developments within Ripple's ecosystem, combined with its legal victories, are expected to stimulate XRP's market value growth.

The upcoming Ripple Swell event in Dubai, scheduled for November 8-9, 2023, may reveal important updates including those on the XRP lawsuit presided over by Judge Analisa Torres. The cryptocurrency community is eagerly awaiting next week's Ripple IPO announcement, predicted with a 98% certainty by Wall Street analysts using Pitchbook algorithms.

Ripple has also received in-principle approval for its Major Payments Institution license in Singapore. These recent approvals and advancements highlight Ripple's commitment to expanding its presence globally and further solidify its position within the cryptocurrency sphere.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Ripple's XRP greenlighted by Dubai Financial Services Authority ahead of anticipated IPO
 

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