By granting back-to-back approvals to crypto-focused UAE, it is running fastest in the race to become a cryptocurrency hub worldwide; in a most recent move, it has given full approval to Ripple to offer cross-border crypto payment services in the region.
On March 11th, Ripple announced that it had gained a DFSA license, which will help it offer its services at the Dubai International Financial Center.
Ripple aims for global expansion with constant filing for license
Over the past few years, Ripple has continued expanding its presence in different nations and regions; with the most recent approval in UAE, the company is now eligible to offer its services in DIFC, a renowned free economic zone with its own regulatory framework and tax policies.
Ripple began its journey to enter the UAE market at the beginning of 2024 by announcing that it had received in-principle approval of the DFSA license.
The DFSA approval will also enable Ripple to offer its global blockchain-based payment solution to the companies and infrastructure in the United Arab Emirates.
With the growing demand, adoption, and usage of cryptocurrencies now, businesses and companies offering traditional services have also been opting for blockchain-based payment services to cater to more and more customers.
Following Ripple’s approval, DIFC’s Chief Executive Officer, Arif Amiri, said, “ We are thrilled that Ripple is deepening its commitment to Dubai by securing a DFSA license that makes it the first blockchain-enabled payments provider in DIFC.”
Yet it is crucial to note that, with Ripple’s approval, a surge in XRP trading prices has been reported, with it currently trading at $2.22; in the past 24 hours, the token’s market capitalization rose by 2.65%.
The sudden stir in XRP price has helped it to cross its 200-day exponential moving average, but at the same time, it is below the 20,50, and 100-day exponential moving averages.
What pulled the market in an upward direction today?
In the past 24 hours, the fear and greed index showed a sign of recovery, currently at 21; at the same time, the crypto market cap has grown roughly 2% and reached $2.69 trillion.
A few reasons behind the change in the market sentiment is the intense over-buying observed in the stablecoin category, which is constantly trying to hold the market at upper levels.
Another reason behind the bullish sentiments is the plan of the Securities and Exchange Commission of the United States to drop its lawsuit against Ripple, which was accused of selling unregistered securities.
Not only the cap of the broader market but also Bitcoin, the most prominent crypto of the market, added 1.70%, reaching nearly $83k, yet it is still at a loss of 9.98% in a week.
