The XRP token has been approved by the Dubai Financial Services Authority (DFSA), allowing firms in the Dubai International Financial Centre (DIFC) to incorporate the cryptocurrency into their virtual asset services, Ripple Labs, the San Francisco-based payments firm announced Thursday.

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Fast Facts

  • XRP’s approval will enable institutions located in the DIFC to use the cryptocurrency for global value transfers, Ripple said in a press release.
  • XRP joins Bitcoin, Ether and Litecoin as cryptocurrencies approved by the DFSA.
  • “Dubai continues to demonstrate global leadership when it comes to the regulation of virtual assets and nurturing innovation,” said Brad Garlinghouse, the chief executive officer of Ripple. “Ripple will continue to double down on its presence in Dubai and we look forward to continuing to work closely with regulators to realize crypto’s full potential.”
  • Ripple’s RippleNet is a currency exchange network for cross-border payments that uses XRP. Ripple scored a partial victory in its lawsuit against the U.S. Securities and Exchange Commission in July when U.S. District Court Judge Analisa Torres ruled that Ripple’s XRP sales to institutional investors violated securities laws, but sales on public exchanges to retail investors did not.
  • Ripple’s flagship event, Ripple Swell, is set to begin in Dubai on Nov. 8, aiming to bring together influential voices from the financial and regulatory industries. The DIFC’s chief operating officer, Alya Al Zarouni, will take the main stage during the event.
  • XRP fell 0.28% in the 24 hours leading up to 5:30 p.m. in Hong Kong, to trade at US$0.6051, according to CoinMarketCap.

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