Ripple secures UAE approval to process cryptocurrency payments
fool.com —
Ripple, the company behind XRP, has received approval from the Dubai Financial Services Authority to process cryptocurrency payments in the UAE. This makes Ripple the only company with such permission, enhancing its position in the cryptocurrency market. The UAE has a significant international trade market worth $400 billion annually. This approval could lead to increased demand for XRP as financial institutions may prefer using it for transactions to avoid currency exchange fees. Despite the positive news, XRP's price did not see a significant change. The market's overall downward trend and the time needed for Ripple to establish its services in the UAE may explain the muted response.