Dubai, UAE – Blockchain company Ripple has revealed that it will open its new regional headquarters in the Dubai International Financial Centre (DFIC). The DIFC is a well-known and reputable financial hub in the MENA region that promotes a tax-free economic one with an English-language law system. It also does not impose any restrictions on cryptocurrency and foreign ownership.
Ripple CEO, Brad Garlinghouse, announced that the San Francisco-based firm would relocate its headquarters overseas due to the United States’ new regulatory regarding XRP. Fortunately, Dubai is a clear taxonomy, and the country does not consider XRP as a threat to security. With this clarity, it would be advantageous for the company to operate in the United Arab Emirates.
Since October, Ripple has been busy with its legal battle with many cryptocurrency investors that accuse XRP as an unregistered security. The company disputed all allegations and proved that all misleading statements about XRP are wrong.
Meanwhile, the US Securities and Exchange Commission claimed that XRP comes with many uncertainties than Bitcoin and Ethereum. The “security” label matters to XRP since it does not operate the same way as other altcoins. If Ripple does not do something about this issue, it could heavily impact the digital asset. Although Ripple claims to be independent, it owns 55 billion of the total 100 billion XRP worldwide.
Because of Dubai’s unique regulatory environment, Ripple decided to build its regional headquarters in DIFC. Currently, this area already registered over 100 fintech firms and more than 400 startups. Fortunately, the DIFC Authority, Arif Amiri, considers Ripple an exciting and reliable addition in Dubai this 2020. The CEO also claimed that Ripple would surely enhance its development in Dubai.
Since Ripple is well-regarded globally for innovation, it can be a perfect partner and client for DIFC, given its vision to drive the future of finance. Together, Ripple and DIFC can expand blockchain finance in Dubai, UAE, and other regions.
Currently, the San Francisco-based firm already built strong connections with oil-rich Middle Eastern countries. The executives also have a significant client based in the MENA region, and the opportunity to expand its business made DIFC an excellent choice. As reported today, the UAE is one of the options for relocating Ripple’s main headquarters.
Aside from UAE, Ripple also considers Japan, the United Kingdom, Switzerland, and Singapore as possible destinations for Ripple’s main headquarters. These countries have been showing support to the company since 2019.