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CEO of Ripple says it’s expanding in Dubai

CEO of Ripple says it's expanding in Dubai

Ripple’s long-standing battle with the Securities and Exchange Commission (SEC) is yet to be resolved, but it seems that does not prevent the blockchain firm from focusing on its growth. 

Enterprise blockchain and payment firm Ripple is expanding into Dubai, as announced by the company’s CEO Brad Garlinghouse on May 8 on Twitter.

“As I just shared on stage at #DubaiFintechSummit, @Ripple is expanding in Dubai. With 20% of our customers based in MENA and clear regulatory regimes being developed, it’s no surprise that Dubai is emerging as a key global financial hub for crypto innovation to thrive.”

– Garlinghouse said in the tweet. 

In the announcement made during the Dubai Fintech Summit on Monday, Garlinghouse said recent developments in the crypto regulatory environment in the Middle East and the region’s consumer base were the primary reasons why Ripple (XRP) chose to foray into Dubai. 

Garlinghouse thankful for Ripple support

Just last week, Garlinghouse expressed his gratitude for the support shown by the Ripple community amid the company’s long-standing dispute with the SEC. 

As part of the expansion, the crypto solutions provider will open a new office in the Dubai International Financial Centre (DIFC) and intends to host its seventh annual customer conference in the United Arab Emirates (UAE) capital on November 8-9. 

Also on Monday, Coinbase CEO praised UAE’s recent crypto regulation efforts, saying the country could serve as a hub for the Middle Eastern region, as well as for certain parts of Africa and Asia.

Dubai Doubles Down on Crypto Regulation

The move comes just a few months after Dubai’s Virtual Assets Regulatory Authority (VARA) published its 2023 rulebook for regulating the nascent crypto industry. According to VARA, companies that issue digital assets must adhere to the rulebook, beginning with obtaining a mandatory license. 

The rulebook covers numerous other crypto-related activities, including custodial services, advertising, digital asset exchanges, and more.

The introduction of the rulebook came as part of Dubai’s aspirations to become a financial technology hub in the region. In recent years, several crypto companies have applied for and acquired licenses to operate inside the Emirate, including Binance and the collapsed cryptocurrency exchange FTX. 

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