The first day of the Dubai FinTech Summit 2023 kicked off on the 8th of May and featured Ripple CEO Brad Garlinghouse as a keynote speaker. Garlinghouse made a major announcement during his presentation that caught everyone’s attention.
The CEO, who was present at the Dubai Summit to brainstorm on crypto tools and stance on regulators, also took the opportunity and platform to announce the company’s expansion plans.
Ripple has been embroiled in a heated legal battle with the US Securities and Exchange Commission (SEC), after it was accused of selling XRP cryptocurrency in an unregistered security offering. While there has been much speculation about the outcome of a ruling between the two parties recently, Brad Garlinghouse has made an expansion announcement that could be a positive development for the company.
Ripple CEO confirms the company’s expansion in Dubai
A few hours ago, Brad Garlinghouse took to his official Twitter account to reiterate his announcement regarding the Ripple – Dubai expansion while speaking at the Fintech Summit. The official tweet shows that the CEO clearly stated that the company is “expanding in Dubai”.
I also just participated on stage in #DubaiFintechSummitAnd @ripple Expanding in Dubai. With 20% of our clients based in the MENA region and clear regulatory regimes being developed, it is no surprise that Dubai has emerged as a key global financial hub for the thriving crypto innovation. pic.twitter.com/9lWEtYECq7
– Brad Garlinghouse (@bgarlinghouse) May 8, 2023
Garlinghouse hinted in part at reasons for expanding into the Middle East, where Dubai offers a clearer regulatory regime. “With 20% of our customers located in the MENA region, it is no surprise that Dubai has emerged as a major global financial hub for crypto innovations to flourish,” he added.
The MENA top 20% touched upon by Garlinghouse refers to Ripple’s users and customers in countries in and around the MENA region.
Ripple is expanding its operations with the opening of a new office in the Dubai International Financial Center (DFIC). In addition, preparations are underway to host the seventh annual customer conference in the capital of the United Arab Emirates on November 8 and 9 this year.
Dubai – A growing tech hub for innovative crypto companies
With clear and specific cryptocurrency regulations and guidelines, Dubai is on its way to becoming a global hub for technology and cryptocurrency companies around the world. While news of crackdowns and crypto companies seeking clarification of regulations has been out in the air, particularly from countries like the US, Dubai has taken the opposite step by creating sensible guidelines and specific rules for cryptocurrencies.
The Dubai government has effectively established the Dubai Virtual Assets Regulatory Authority (VARA), providing regulatory clarity for crypto firms to operate and supervise digital asset trading activities.
VARA, headquartered in Dubai, prioritizes the safety of users using digital asset services offered by cryptocurrency companies. They collaborate with financial regulatory authorities and global experts to effectively mitigate exposure risks and enforce relevant laws.
for every bloombergCrypto companies like CoinBase are also preparing for the idea of expanding into Dubai and the UAE, hinted Coinbase CEO Brian Armstrong, who was present at the Fintech Summit panel.
At press time, XRP is trading at $0.4298 and has seen a 5.6% decline in today’s trading session.
XRP price dips on the daily timeframe | Source : XRPUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com