- Ripple moves its regional headquarters to Dubai
- Singapore, UAE others make the crypto firm shortlist
According to the report, the crypto firm picked Dubai International Financial Centre (DIFC) as its location. The DIFC is a major hub of financial institutions in the country.
The DIFC hub operates with an English-law system and is also an independent jurisdiction. This region also operates tax-free. And places no restriction on any foreign ownership of companies in the region.
Due to this friendly environment to businesses, the hub has had an heightened increase interest in it by companies. The hub has over 100 businesses registered with it. Also, over 400 start-ups have registered to participate in its Fintech Hive accelerator program.
CEO of DIFC, Arif Amiri has hailed Ripples as one of its most important additions of the year. He believes that the addition of the company would rub off on the blockchain sector in the region.
He further added that Ripples is a well respected company in the Fintech industry and as such they are the perfect partner for DIFC. He went on to reiterate that DIFC remains committed to driving the future of finance through entering into partnerships like this.
Dubai could be a destination of choice for Ripple’s HQ
Ripple had announced its intention to move its headquarters away from the United States due to the hostile business environment and the lack of clarity in the country’s regulation concerning the crypto industry.
Since then, the company has made a shortlist of countries it could move its headquarters to. The shortlist include countries like Singapore, Japan, U.A.E and UK.
Ripple currently has a strong presence in the Middle-East. The company has an enormous amount of its client base in the oil rich region.