Approval By Dubai Regulatory Authority Pushes XRP To 72 Countries

Dubai’s regulatory approval has opened XRP to a network of 72 nations in the Middle East, Africa, and South Asia (MEASA), with a collective GDP above $8 trillion. This discovery has been explained as a turning point in the acceptance and assimilation of digital assets into the international financial system.

Investigations show that XRP already benefited from clear laws in a few MEASA nations with pro-crypto policies. Three years ago, Ripple was said to have deliberately set up shop in the Dubai International Financial Centre (DIFC) as its Middle East and North Africa (MENA) headquarters.

This proactive action foreshadowed the most recent regulatory approval and demonstrates Ripple’s dedication to supporting innovation and teamwork. In February 2023, Akos Erzse, BitOasis’s Senior Manager for Public Policy, commended and praised the Dubai authorities for developing the VERA guideline.

Ripple Works In Creating New Allegiances, Solidify Expansion

This recent announcement has officially made the XRP the first cryptocurrency approved through an external application. There are seventy-two countries in the MEASA region, each with unique economic and regulatory characteristics.

Notably, it comprises powerful economies like Israel, Saudi Arabia, Turkey, Qatar,  India, and Egypt, as well as the United Arab Emirates (UAE). Because of its versatility, XRP may access a wide range of economies, all contributing to the $8 trillion in GDP.

Analysis by Tobi Loba, on the Time Tabloid platform said that the official approval of XRP by Dubai is a major step towards the global adoption of cryptocurrencies. It is consistent with the Emirate’s overarching goal of becoming a global hub for fintech.

As promised, prior to the introduction of a cryptocurrency regulation, the Emirate has enabled businesses to use blockchain and cryptocurrency technology to improve financial services and spur economic growth by providing a clear regulatory framework. Ripple and the larger cryptocurrency community are prepared to investigate new alliances, commercial endeavors, and cooperation in the MEASA region in light of this regulatory permission.

Middle East Regions Works To Create Enabling Environment For Cryptocurrency

Data from Chainalysis say that MENA ranks #6 in the list of the countries with the biggest cryptocurrency economy, with a total of $389.8 billion on-chain funds received from July 2022 to June 2023. This, according to the available data, represents almost 7.2% of cryptocurrency transaction volume globally (as at the time of research).

The regulatory permission fits into a larger pattern in which governments and regulatory agencies throughout the globe are starting to acknowledge the potential and worth of cryptocurrencies. Affected countries are taking action to establish regulations and clarifications about their use.

This development, news say, is expected to transform the financial environment in the area and serve as evidence of the increasing worldwide acknowledgment of the potential of blockchain and digital assets. News also states that the MENA region is home to the top 3 (out of 30) countries with the biggest cryptocurrency transactions in 2023.

The listed countries (according to the Chainalysis data index) include Iran (28), Turkey (12), and Morocco (20). Further investigation revealed that the Abu Dhabi Global Market (ADGM) created the first world regulatory guideline in 2018 to build a mm more focused cryptocurrency regulation. In 2022, Dubai built its Virtual Asset Regulatory Authority (VARA), which has the same purpose as the ADGM.