In the midst of Ripple’s ongoing legal battle with the Securities and Exchange Commission (SEC), the blockchain enterprise has announced its expansion to Dubai. This is a bold move as Ripple enters into the Middle Eastern market. CEO Brad Garlinghouse confirmed Ripple’s expansion into Dubai at the Dubai Fintech Summit. Garlinghouse used the platform to indicate the company’s forward-thinking strategy and planning.
The expansion is fuelled by the increasing customer base in the Middle East and North Africa (MENA) region. This region only represents 20% of Ripple’s current total clients. Moreover, the progressive regulatory environment in the region, particularly in Dubai, offers a fertile ground for cryptocurrency innovation.
“The emergence of Dubai as a key global financial hub for crypto innovation is undeniable. The clarity of their regulatory regimes and our growing customer base in the MENA region were the main catalysts for our decision to expand,”Brad Garlinghouse, CEO of Ripple
Garlinghouse’s announcement comes in the wake of his appreciation for the Ripple community’s continued support. Understanding how serious the SEC dispute is, having a community to support you through the years is a rare phenomenon. Despite the challenges, Ripple’s vision remains undeterred. Its vision was further reflected in the company’s upcoming plans for a presence in the Dubai International Financial Centre (DIFC). The company also aims to stage its seventh annual customer conference in the Emirate in November. This way, Ripple aims to further solidify its commitment to the region.
Other Than Ripple, Coinbase Is Also Hinting Towards Moving To Dubai
Coinciding with Ripple’s expansion announcement, Coinbase’s CEO also applauded UAE’s recent takes on cryptocurrency regulation. The crypto exchange suggested that the country could serve as a central hub for the Middle Eastern region. Moreover, Coinbase believes that the country could extend its influence to parts of Africa and Asia as well.
Dubai’s positive approach to cryptocurrency regulation is evident in the recently published 2023 rulebook. The rulebook, published by the Virtual Assets Regulatory Authority (VARA), sets the stage for a well-regulated digital assets marketplace. It requires companies to secure a mandatory license and comply with rules governing various crypto-related activities. Some of them are custodial services, advertising, and digital asset exchanges.
The regulatory framework is a part of Dubai’s ambition to position itself as a leading financial technology hub in the region. In line with this vision, several crypto companies, including Binance, have sought and obtained licenses to operate there.
Ripple’s expansion into Dubai is seen as a strategic move that not only leverages the region’s progressive regulatory environment but also taps into a growing customer base. As Ripple navigates its legal hurdles, the venture into Dubai could mark a significant milestone in its global growth trajectory.