As an analyst with over two decades of experience in the financial sector, I must admit that Ripple’s recent achievements have caught my attention. The company’s continuous engagement with global regulators and its strategic expansion into key markets like the Middle East is noteworthy.
In response to Ripple‘s latest victory, their top legal advisor, Stuart Alderoty, has spoken up on the matter concerning cryptocurrency regulations.
A notable achievement: Ripple obtains preliminary authorization for a financial services license from the Dubai Financial Services Authority (DFSA), allowing them to broaden their services within the Dubai International Financial Centre (DIFC).
Achieving this milestone substantially broadens Ripple’s worldwide presence as a regulated entity, enabling the initiation of cross-border payment solutions like Ripple Payments Direct (RPD) within the United Arab Emirates (UAE).
Alderoty emphasized that Ripple’s international licensing collection has significantly expanded, currently surpassing 55 licenses, demonstrating their ongoing commitment to collaborate with regulatory bodies worldwide.
Exciting update: Ripple’s international licensing collection is expanding (now over 55 strong)! This growth underscores our ongoing collaboration with global regulatory bodies and highlights the increasing potential in regions embracing technological advancements.
— Stuart Alderoty (@s_alderoty) October 1, 2024
“Ripple is expanding its global licensing collection (more than 55 now), demonstrating our ongoing cooperation with international regulatory bodies. This growth reflects the increasing potential of regions that foster innovation.” – Wrote Alderoty.
This significant achievement sets Ripple apart as it becomes the initial blockchain-integrated payment service provider to secure a license from the DFSA, an autonomous financial services regulator based within the DIFC.
Granted by the DFSA, the preliminary approval for a license strengthens Ripple’s ambition to expand its footprint in the Middle East, an endeavor that started with the opening of its regional office in Dubai back in 2020.
Ripple scores new partnerships in Middle East
Recently, Ripple has joined forces with the DIFC Innovation Hub in a collaboration that supports their One Billion XRP Fund initiative worldwide. This partnership aims to bolster blockchain and digital asset innovation within the United Arab Emirates by linking budding developers to the vast network of technological companies, research labs, and venture capital firms housed within DIFC.
Ripple has once again teamed up with NYU Abu Dhabi under their University Blockchain Research Initiative (UBRI), committing over a million dollars in funding for the university’s blockchain-related research endeavors and student programs.
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2024-10-01 17:33