Ripple’s XRP is making significant strides in the crypto market, securing regulatory approval in the UAE and attracting institutional interest with a spot ETF filing by Franklin Templeton. These strategic developments mark a turning point for XRP, enhancing its global presence and investment appeal.
Ripple XRP Secures UAE Regulatory Approval
Ripple has received official approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payment services within the Dubai International Financial Centre (DIFC). This makes Ripple the first blockchain-enabled payment provider licensed by the DFSA, reinforcing its role in advancing crypto adoption in the region.
This regulatory milestone enables Ripple to offer its global blockchain-based payment solutions across the UAE. By addressing inefficiencies in traditional cross-border transactions—such as high fees, prolonged settlement times, and limited transparency—Ripple is set to enhance its presence in the Middle East. Notably, the region already accounts for 20% of Ripple’s global customer base.
Brad Garlinghouse, Ripple’s CEO, emphasized that the UAE’s forward-thinking approach to tech and crypto innovation positions it to benefit significantly from the evolving crypto landscape. This approval adds to Ripple’s extensive list of regulatory achievements, including licenses from the Monetary Authority of Singapore, the New York Department of Financial Services, and the Central Bank of Ireland.
Franklin Templeton Files for Spot XRP ETF
In a parallel strategic move, Franklin Templeton, managing $1.5 trillion in assets, has filed for a spot XRP Exchange-Traded Fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The ETF, if approved, will be listed on the Cboe BZX Exchange, providing investors direct exposure to XRP by tracking its spot price.
Coinbase Custody Trust Company, LLC, is set to act as the custodian for the fund’s XRP holdings, ensuring security and compliance. This ETF structure will enable institutional and retail investors to gain exposure to XRP without the complexities of directly purchasing and storing the cryptocurrency.
Franklin Templeton’s entry into the XRP ETF space aligns with the growing trend of traditional financial institutions expanding their crypto investment products. This move is complemented by similar ETF filings from industry leaders like Bitwise, 21Shares, Grayscale, and WisdomTree, signifying an increasing institutional interest in XRP and other altcoins.
While the SEC’s review process can extend up to 240 days, the increasing number of ETF filings reflects the shifting dynamics of crypto investments and the expanding interest in XRP as a mainstream digital asset.
