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Ripple establishes regional headquarters at DIFC

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Ripple has chosen DIFC for its reputation as a leading global financial centre

Ripple, a real-time gross settlement system, currency exchange and remittance network created by Ripple Lab, has established its regional headquarters at the Dubai International Financial Centre (DIFC), media reports said.

Ripple has chosen DIFC for its reputation as a leading global financial centre.

Arif Amiri, chief executive officer of DIFC Authority told the media, “Leveraging DIFC’s world class platform, laws and regulations, our fintech firms are able to work with other DIFC’s clients, who form part of the region’s largest financial ecosystem, to contribute to the development of the global, regional and local finance industry. During this post-pandemic recovery period, we recognise how digital agendas are being prioritised. Ripple and the other 230 fintech related companies in the Centre are key to driving the future of finance.”

Last month, Ripple Labs said that the company could move into Japan or Singapore in Asia if it exits the US due to a lack of regulatory clarity. According to its chief executive officer Brad Garlinghouse, besides Singapore and Japan, Ripple sees Switzerland, UK and the UAE as potential destinations.

Ripple and the SEC share contrasting views on whether the digital currency XRP is a security. While Ripple owns a large hoard of XRP, the company maintains that the network that oversees XRP transaction is decentralised like other cryptocurrencies such as Bitcoin or Ethereum. However, the SEC has concluded that these cryptos are not centrally controlled, and therefore exempt from securities laws.

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