A major breakthrough was recently made in the crypto sector when XRP was electronically endorsed the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Center (DIFC). This helps in extending the reach of XRP through all 72 countries of MEASA (Middle East, Africa, and South Asia) with a shared nominal GPV of beyond $8 trillion. The merits of the approval are further accentuated when DIFC’s prominence, not just in Dubai and UAE, but also across the MEASA is taken into consideration. As a leading global monetary core, DIFC has been instrumental in attraction and the management of resources; with used in trade and investments in the MEASA region for over 20 consecutive years.
MENA (Middle East and North Africa)’s headquarters of Ripple was established in the DIFC three years ago and this may in part account for the aforementioned approval of XRP. While certain MEASA countries hold a favorable status towards cryptocurrency, external approvals from DIFC serves to propel XRP prominence even greater, throughout MEASA.
This ensues that the cryptocurrencies reach cascades even further across numerous nations of MEASA, such as India, Saudi Arabia, UAE, Israel, Turkey, Egypt and Qatar, all corresponding to lustrous economic advantage. The eventual effect of the approval is that XRP will now be available to MEASA based firms functioning within the DIFC. Including the fact that XRP secured a regulatory agreement despite external submission underscores the existence of strength displayed in the global cryptocurrency market.
Cross-border transactions and finances with MEASA will now become novel territories buttressed by XRP. This exhibition of foreign endorsement of XRP reflects the importance of cryptocurrency today, and the powers it purportedly contains.
