This was stated by Rhys Merrick, Managing Director of the Middle East and Africa at the blockchain company Ripple He said The company is “committed” to strengthening the cryptocurrency ecosystem in the region.

Merrick praised the UAE for having “progressive regulations” that enable blockchain technology innovation. “The future of finance is being built here,” he said.

Last year, the UAE Central Bank regulated the use of stablecoins, allowing payments to be made using currencies linked to the dirham. “Stablecoins are lowering costs and accelerating transfers – and bringing the Middle East, South Asia and Africa together like never before,” Merrick noted.

Moreover, Ripple will also focus on areas such as cryptocurrency custody, tokenization, and stablecoin regulation.

Ripple has had a strong presence in the MENA region for a long time. like Reported by U. TodayIt succeeded in securing partnerships with banking institutions in countries such as the United Arab Emirates, Kuwait and the Kingdom of Saudi Arabia. In 2020, for example, National Bank of Fujairah (NBF) became part of the RippleNet network.

On the cusp of a lawsuit from the Securities and Exchange Commission, Ripple CEO Brad Garlinghouse said the company would likely move its global headquarters to the United Arab Emirates. The United Kingdom and Japan were among other potential options, but the company, known primarily for its association with... With the cryptocurrency XRP, she ultimately decided to stay in San Francisco.

In November 2020, the company opened a regional headquarters in Dubai.

Last year, Ripple Believer Obtaining approval from key regulatory authorities in the most populous city in the UAE. This has enabled the company to expand its services in the Middle East.