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The recent shout-out from the Dubai government’s media office comes a few days after Ripple expanded into the city with a new office.
The official media office of the government of Dubai has spotlighted Ripple as a key player and leader in enterprise blockchain solutions and crypto solutions. This shout-out from the government’s media office came in response to Ripple’s latest move to expand into the city with a new office.
.@Ripple, the leader in enterprise blockchain and crypto solutions, is expanding its presence in #Dubai with a new office in Dubai International Financial Centre (@DIFC). Progressive regulations and a robust tech infrastructure have helped Dubai consolidate its status as a global… pic.twitter.com/817SjY299s
— Dubai Media Office (@DXBMediaOffice) May 11, 2023
The government office called attention to Dubai’s forward-thinking approach regarding innovative and nascent technologies such as blockchain and cryptocurrency, as evidenced in its favorable policies surrounding these sectors. The media office says these favorable policies have attracted industry leaders, including Ripple.
Recall that, as previously reported by The Crypto Basic, Ripple confirmed at the Dubai FinTech Summit that the company is expanding into the city. Ripple also disclosed in a press release that they had opened a new office in the Dubai International Financial Center (DIFC) as they seek to penetrate further into the Middle East and North Africa (MENA) region.
Amid the regulatory uncertainty plaguing the local crypto industry in the United States and the long-standing legal tussle with the US SEC, Garlinghouse revealed in an interview last June that Ripple might consider leaving the US if it loses the lawsuit against the SEC. However, he expressed confidence that the firm would win.
Ripple Continues to Expand Overseas
Despite the sustained optimism, Ripple continues to expand its businesses overseas, with Dubai being one of the latest destinations for the Silicon Valley firm. The recent move comes over two years after Ripple opted to establish its MENA regional headquarters in Dubai. The firm has cited the favorable regulatory climate in Dubai as the major factor driving these moves.
Last November, Crypto Oasis UAE, a MENA-focused blockchain-based ecosystem, called attention to Ripple’s growing impact in Dubai and the MENA region.
Besides MENA, Ripple also has its eyes set on other regions, such as Europe. In November 2022, The Crypto Basic disclosed that Ripple is seeking to procure a license in Ireland as part of its plans to expand in Europe. Stuart Alderoty, Ripple’s Chief Legal Officer, also revealed last month that the firm wants to expand its business in England.