Ripple, a crypto startup behind XRP, has just announced opening up a new office in Dubai. The new office is located in the Dubai International Financial Centre, which is a haven for international firms. The location offers advantages such as tax benefits, greater regulatory clarity, and an upcoming crypto valley.
The US crypto startup, Ripple, announced recently that it has established a regional office in Dubai. The report came this Saturday, November 7th, and it specified that the office is in the DIFC (Dubai International Financial Centre).
Ripple gets a second home in Dubai
Ripple has been looking quite hard for a potential new home, as recent reports noted that the firm is eying Asian countries. Many of them are more open towards cryptocurrencies than the US right now, particularly the likes of Japan, Singapore, and alike.
However, it appears that the crypto payments firm decided on Dubai, and it cited the same reasons — innovative crypto regulations.
DIFC is a special economic zone, which is currently home to over 2,500 different companies. These firms originate from all over the world, including Africa, South Africa, and, of course, the Middle East itself.
It operates as an independent regulator, claiming to have a proven judicial system.
Why opening an office in Dubai makes sense for Ripple
Ripple’s managing director, Navin Gupta, noted that the company already has a significant client base in the region, so the opportunity to co-locate here is less of a surprise, and more of a natural development for the company. It will certainly help the firm deepen the ties that it already has with the region.
It also gives Ripple a second home, should the regulatory situation in the US suddenly starts to change in a negative way.
The firm’s new location also offers special benefits, such as the ability to legally operate in the region without the obligation to pay taxes on corporate income for at least half a century. Not only that, but the Dubai Multi Commodities Centre also announced plans to create a new crypto valley in the region.
