- XRP just gained approval as a regulated digital asset in Dubai.
- The move is considered a major milestone for the coin and Ripple amid a bolstered IPO sentiment.
The Dubai Financial Services Authority (DFSA) has granted its approval for the use of XRP by companies operating within the Dubai International Financial Centre (DIFC). This milestone comes ahead of the highly anticipated news of Ripple’s Initial Public Offering (IPO), which is expected to be announced next week.
DFSA’s Approval of XRP
The regulatory approval in Dubai paves the way for Ripple, the company associated with XRP, to expand its influence within the Middle East, Africa, and South Asia (MEASA) region. With more than 4,300 registered companies in the DIFC, this move offers the potential to incorporate XRP into the operations of countless firms, unlocking new opportunities for payments and virtual asset use cases.
This momentous decision elevates XRP to the exclusive club of digital assets that have received the Dubai DFSA’s blessing, alongside Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). The move also demonstrates Dubai’s growing commitment to embracing the potential of cryptocurrencies and blockchain technology in shaping the future of its financial landscape.
For Ripple, this regulatory clearance in Dubai represents a significant stride towards its larger global expansion plans. A few months ago, the company received an in-principle approval for its Major Payments Institution (MPI) license application in Singapore, another major crypto hub. This provides Ripple with strategic access to two of the most influential regions in the world of digital assets, further solidifying its position as a key player in the crypto ecosystem.
Meanwhile, Ripple is gearing up to host a major event in Dubai between November 8 and 9, 2023, the Ripple Swell. This flagship event has earned a reputation for uniting top figures from the financial industry and regulatory authorities.
This year’s SWELL may be very significant. Don’t know what might be announced, but there are possibilities:
IPO
VARA license
CBDC
Stablecoin/tokenization
New users(!) – after a year of silence, we may gain more detail if #Ripple still considers itself primarily a payment company.— WrathofKahneman (@WKahneman) October 27, 2023
With this significant development in Dubai’s regulatory stance towards XRP, many in the crypto community are eagerly anticipating potential announcements that may arise during the event. This includes updates on the XRP lawsuit that bagged a highlight in a Summary Judgment in July, delivered by Judge Analisa Torres.
The Ripple IPO Anticipation
The upcoming Ripple IPO has been a topic of speculation and excitement within the cryptocurrency community for some time now. The IPO announcement is expected to be made next week, following the regulatory clearance in Dubai. This move could mark a significant turning point for the crypto industry.
An IPO is a traditional way for companies to raise capital and expand their business. In Ripple’s case, the move will be seen as a step towards legitimizing the company and XRP. The IPO is likely to attract attention from institutional investors, traditional financial markets, and individuals who have been waiting for a more regulated and transparent framework for investing in XRP.
Renowned Wall Street analyst, Linda P. Jones predicts a 98 percent probability of Ripple successfully going public through an IPO or merger and acquisition after recent algorithms from Venture capital analytics firm Pitchbook point toward such a move.
