Reese Merrick, managing director for the Middle East and Africa at enterprise blockchain company Ripple, said the company is “fully committed” to developing the region’s crypto ecosystem.
Merrick praised the United Arab Emirates (UAE) for having “progressive regulations” that enable blockchain innovation. “The future of finance is being built here,” he said.
Last year, the UAE Central Bank regulated the use of stablecoins and allowed payments using dirham-pegged tokens. “Stablecoins are lowering costs, speeding up money transfers, and connecting the Middle East, South Asia, and Africa like never before,” Merrick said.
In addition to this, Ripple will also focus on areas such as crypto custody, tokenization, and stablecoin regulation.
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Ripple has long had a strong presence in the MENA region. As reported by U.Today, the company has managed to secure partnerships with banking institutions in countries such as AUE, Kuwait, and Saudi Arabia. For example, in 2020, National Bank of Fujairah (NBF) became part of the RippleNet network.
Just before the SEC lawsuit, Ripple CEO Brad Garlinghouse stated that Ripple may move its global headquarters to the UAE. The UK and Japan were other options, but Ripple, the cryptocurrency primarily known for its association with XRP, ultimately decided to remain in San Francisco.
In November 2020, the company opened its regional headquarters in Dubai.
Last year, Ripple won key regulatory approvals in the UAE’s most populous city. This has enabled the company to expand its services in the Middle East.
