Ripple Goes Global: XRP Secures Dubai Regulator's Approval, Partners With National Bank Of Georgia

Blockchain firm Ripple Labs, after securing a legal victory in the lawsuit filed by the U.S. Securities and Exchange Commission (SEC), has started conquering the global stage by securing the approval of a Dubai regulator and partnering with the National Bank of Georgia.

On Thursday, Ripple Labs announced that its native cryptocurrency XRP has been approved under the Dubai Financial Services Authority's (DFSA) virtual assets regime. This means that digital asset firms licensed within the Dubai International Financial Center (DIFC) area, the special economic zone and financial hub in the city, can use or offer XRP.

"The Dubai Financial Services Authority (DFSA) has approved the digital asset XRP for use within the Dubai International Financial Centre (DIFC). Licensed virtual asset firms within the DIFC will now be able to incorporate XRP into their virtual asset services," the blockchain firm said in an announcement.

"It's refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP ... Ripple will continue to double down on its presence in Dubai and we look forward to continuing to work closely with regulators to realize crypto's full potential," Ripple Labs CEO Brad Garlinghouse said.

The blockchain firm shared its plan to expand within Dubai, the largest city in the United Arab Emirates (UAE), earlier this year while it waited for the court's verdict in its legal battle against the SEC.

Earlier this week, Ripple Labs said that it has selected the DIFC as its headquarters in the Middle East and North Africa (MENA) and highlighted that 20% of its customers are in the MENA area.

In addition to the approval of XRP under the DIFC, Ripple Labs also announced its partnership with the National Bank of Georgia for the country's Digital Lari pilot project, which will see both "plan the execution and delivery of the pilot program using the Ripple CBDC Platform."

"We were pleased to select Ripple as the official technology partner for our Digital Lari (GEL) pilot project following a thorough review of all shortlisted parties. The committee selected Ripple due to its technical excellence and the expertise of its team. We look forward to moving ahead with Ripple, we are grateful to all other participating companies for their interest and efforts in the selection process," Natia Turnava, Acting Governor and Member of the Board of the National Bank of Georgia, said.

"By harnessing the power of the Ripple CBDC Platform, this pilot will pave the way for transformative advancements in the utilization of blockchain technology within the public sector. Our partnership with NBG demonstrates our commitment to driving innovation and efficiency, ultimately empowering public and private entities to unlock the full potential of secure and transparent blockchain transactions," James Wallis, VP of Central Bank Engagements at Ripple, noted.