Ripple, the blockchain firm, is expanding its reach by opening a new office in Dubai International Financial Centre (DIFC). This move was announced by the company's CEO Brad Garlinghouse on the 8th of May during Dubai Fintech Summit. According to Garlinghouse, reasons behind the expansion to Dubai are due to the region`s regulatory regimes and 20 percent of customers which are based in the Middle East and North Africa (MENA). The firm will also host its seventh annual customer conference in the UAE capital city on 8th to 9th November.

Dubai had released its 2023 rulebook for creating and managing the burgeoning crypto industry. Due to the novel regulations and its efforts to become a financial technology (fintech) hub, several crypto firms such as Binance, FTX and Coinbase had acquired licenses to operate in the Emirate. The regulatory framework by VARA, Dubai’s Virtual Assets Regulatory Authority, covers exchanges for digital assets, advertising, custodial services and advertising. All companies which seeks to operate in Dubai must obtain a mandatory license as per the rulebook and, also adhere to it.

This comes at a time when Ripple CEO, Garlinghouse had expressed his appreciation to the Ripple community amidst their long litigation battle against the US Securities Exchange Commission (SEC). After the completion of its expansion, Ripple plans to concentrate on growth and is confident on the untapped potential of the region. The expansion will increase the company's exposure in Middle East and North Africa region as an enterprise blockchain and payment solutions provider while also contributing to making Dubai as a global financial hub for crypto innovation.



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