"The best thing is that Ripple has seen a lot of positive developments lately."
Ripple Labs, a blockchain payments firm announced that the Dubai Financial Services Authority (DFSA) has approved the use of the XRP cryptocurrency in the Dubai International Financial Center (DIFC).
Besides marking another milestone for the XRP ecosystem after Judge Analisa Torres ruled the digital asset is not a security on July 13, 2023, the development means the DFSA has officially recognized XRP.
XRP was approved before legal and regulatory clarity was offered by the DIFC and it should be noted that Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) were digital assets prior to XRP being approved under the DFSA's virtual assets regime.
Please note that granting a license to Ripple will not only accelerate the use of XRP but also facilitate the development of its ecosystem including allowing regional payments and other virtual asset use cases on the XRP Ledger (XRPL).
Since regulators in the United States (US) have been increasingly aggressive towards the crypto market, Ripple has been watching Dubai for quite some time.
Ripple also holds other licenses, among which is the Primary Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) then the firm is currently seeking permission in the form of licenses from the United Kingdom (UK) and Ireland.
It is well known that Dubai is very proud to be one of the few regions with favorable conditions such as regulation, extensive network and reputation that help the financial sector to thrive.
After breaking through $0.62, XRP price is currently trading at $0.60 with a market cap of $32 billion further recording a 9.81% climb over the last week.
