Ripple is developing its business in order to make it more globally. Ripple is not regulated, because many banks and official financial institution are using this cryptocurrency for their international transfers. In the latest news, Ripple is going to open a new office in Dubai.
Ripples new office in Dubai International Financial Centre
Ripple announced in Nov. 7, that they are going to open a regional office in the Dubai International Financial Centre (DIFC).
The reason that Ripple chose this location is due to its “innovative regulations”. In fact, DIFC is a free trade zone, which has a “proven judicial system”. There are over 2500 companies, which are active and working at this special economic zone. The companies are from Middle East, South Asia and Africa.
The managing director at Ripple, Navin Gupta talked about the reason that Ripple foundation chose DIFC. He stated that Ripple has significant client base in the Middle East and North Africa. As a result, DIFC could be a suitable location in order to co-locate with customers. Gupta added this regional office will use in order to introduce the Ripple’s blockchain based solutions. In addition, it will help the Ripple foundation to collaborate with more financial institutions in the region.
Ripple Is Going Open A New Office In Dubai; Japan and Singapore are the next destinations
Brad Garlinghouse the CEO of Ripple and Chris Larsen the co-founder talked about the recent move. They believe it was a good choice because the new place has greater regulatory clarity compare to the United States. As reported to Cointelegraph, Ripple is going to open new offices in Japan and Singapore as well.
The DFIC in the United Arab Emirates, offers blockchain companies such as Ripple no taxes on income and profits for minimum 50 years.
The Dubai Multi Commodities Centre is the largest free zone in the UAE. Recently, they announced that they are planning to build a new crypto valley in the region as well.