Victor Ugochukwu · Dec 14, 2020 . 5min read
Ripple opens its regional headquarters in Dubai’s DIFC
Ripple establishes regional headquarters in Dubai International Financial Centre (DIFC), the leading global financial centre.
By Komal Joshi · Nov 8, 2020 . 5min read
Ripple has chosen Dubai as its foundation for its regional headquarters. According to a press release, the Dubai International Financial Centre (DIFC) has declared that Ripple has chosen to build its regional headquarters in the DIFC. The payment solutions company insists that the country provides innovative solutions, favourable regulations, an expanding network, and a status as a preeminent global financial centre.
Ripple moves to Dubai owing to DIFC’s regulations.
The DIFC is a significant hub of financial institutions in the nation. Dubai International Financial Centre (DIFC) is the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region. The DIFC hub works with an English-law system and is also an autonomous administration. This section also operates tax-free. It sets no limitations on any international ownership of companies in the region. Owing to the favourable environment and regulations, the hub has attracted an increased interest by businesses. The hub has above 100 registered companies with it. Additionally, over 400 start-ups have registered to partake in its Fintech Hive accelerator program.
The CEO of DIFC, Arif Amiri, has welcomed Ripple as one of its most significant additions of the year. He considers that the addition of the company would enhance the blockchain sector in the region. He further continued that Ripple is a well-respected company in the Fintech industry and, as such, they are an excellent associate for DIFC. Moreover, he further re-emphasizes that DIFC remains dedicated to inspiring the future of finance via entering into collaborations like this.
Earlier, Ripple declared that it is preparing to shift its headquarters from the USA to the U.K. It stated that the reason behind the decision was owing to the antagonistic business environment and the lack of clarity in the country’s regulation concerning its crypto XRP. The company has created a list of nations where it could shift its headquarters. The list involves nations such as Japan, Singapore, U.A.E, and the UK. Moreover, Ripple recently has a powerful presence in the Middle-East. The company has a sizeable number of its client base in the oil-rich region.
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