Ripple has received a license from the Dubai Financial Services Authority, allowing it to provide cryptocurrency payment services at the Dubai International Financial Centre.
Ripple’s Strategic Plans in Dubai
Since establishing its regional headquarters in 2020, Ripple has significantly increased its client base in the Middle East. 20% of its global customers now come from this region. According to the World Bank, the cross-border payment volume in the UAE is $40 billion, and Ripple anticipates that the growing demand for instant payment solutions will drive further adoption of stablecoins in the area.
Ripple’s SEC Lawsuit
Ripple’s ongoing legal issues with the U.S. Securities and Exchange Commission may be nearing a resolution. The SEC's position is softening, with recent actions such as investigating Yuga Labs’ NFTs and reassigning Ripple and Coinbase’s cases to a different department sparking speculation of a favorable outcome for Ripple.
Market Reaction to the News
XRP has seen a 2.2% increase in value over the past 24 hours, reaching $2.24. The combination of this new license acquisition and positive outlook regarding its SEC lawsuit is driving increased interest in XRP.
Securing the Dubai license and the potential resolution of SEC disputes strengthen Ripple’s market position in crypto services and consistently boost interest in the company’s stablecoin and platform.
