Dubai’s DFSA endorses Ripple’s XRP, contrasting US regulatory landscape By Investing.com
The digital asset, XRP, was approved by the Dubai Financial Services Authority (DFSA) on November 2, 2023, under its virtual asset regime for the Dubai International Financial Center (DIFC). This approval provides legal and regulatory clarity, facilitating efficient global value exchange. With the move, XRP becomes the first approved virtual asset since external applications were allowed, joining , , and in DFSA’s portfolio. This approval allows DIFC institutions to integrate XRP into their operations.
Ripple CEO Brad Garlinghouse praised Dubai’s innovative approach to virtual assets and pledged to strengthen Ripple’s presence in Dubai. He also expressed his intention to collaborate with regulators to harness the full potential of crypto. Stuart Alderoty, Ripple’s chief legal officer, applauded the DFSA’s clear guidelines that strengthen Dubai’s appeal to entrepreneurs.
Contrary to Dubai’s progressive stance, the US digital assets space is hampered by the SEC’s regulatory-by-enforcement approach. SEC Chairman Gary Gensler continues his anti-crypto rhetoric. On the same day as the DFSA approval, XRP saw a slight decline of 0.44%, closing at $0.6058 amid growing tensions with the United States Securities and Exchange Commission (SEC).
In terms of price action, XRP has remained above its 50-day and 200-day exponential moving averages (EMA). If XRP breaks its Thursday high of $0.6268, bulls could target the resistance level of $0.6354. On the other hand, a fall below the $0.5835 support level could lead to testing the $0.5470 support level.
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