Ripple has achieved a significant milestone in the XRP ecosystem with the official approval of its cryptocurrency for use within Dubai’s financial ecosystem. The Dubai Financial Services Authority (DFSA) has given the green light for licensed organizations in the Dubai International Financial Centre (DIFC) to utilize XRP as a virtual asset service. This approval will not only bolster XRP’s reputation but also provide legal and regulatory clarity for the cryptocurrency. Additionally, Ripple has partnered with the National Bank of Georgia (NBG) for its Digital Lari (GEL) pilot project, using Ripple’s CBDC platform to evaluate practical use cases and benefits for the public sector and businesses. This partnership further demonstrates the transformative potential of blockchain technology within the public sector. Overall, these developments highlight Dubai’s commitment to innovation and regulation of virtual assets, positioning the city as a leading financial services hub.

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Information	Details
Geography	Middle East
Countries	🇦🇪 🇺🇸 🇬🇪
Sentiment	positive
Relevance Score	1
People	James Wallis, Brad Garlinghouse
Companies	National Bank of Georgia (NBG), United States Securities and Exchange Commission (SEC), Ripple, Dubai Financial Services Authority (DFSA), Dubai International Financial Centre (DIFC)
Currencies	XRP
Securities	None