The UAE news agency, in a statement released on November 7, indicated that Ripple chooses DIFC for its regional headquarters in Dubai.
According to the statement, the company’s new headquarters in the Middle East and North Africa (MENA) will be within the Dubai International Financial Center (DIFC).
In fact, the announcement comes as Ripple is considering moving from its San Francisco base of operations in the United States.
In this regard, the CEO of Ripple, Chris Larsen stated that the company was considering the possibility of moving to other countries. Basically, “Because in the United States all things Blockchain and digital currencies begin and end”.
For his part, Ripple CEO Brad Garlinghouse explained it in more detail: “Responsible players like Ripple do not seek to avoid the laws, we just want to operate in a jurisdiction where the laws are clear”.
Ripple chooses the International Financial Center (DIFC)
Indeed, the Dubai International Financial Center (DIFC) is one of the world’s top ten financial centers and the leading financial center for the Middle East, Africa and South Asia.
Furthermore, it operates as an independent jurisdiction with an English legal system. It is a tax-free economic zone, which also does not impose restrictions on foreign ownership.
Similarly, the DIFC has ultra modern office spaces, retail stores, cafes and restaurants, art galleries. Also, residential apartments, public green areas and hotels, which makes it a definite destination.
As a curious fact, the DIFC supposedly offers Blockchain companies like Ripple, the possibility of not paying taxes on the income and profits of the companies. Very important, for at least 50 years.
What do the managers think?
In particular, the CEO of Ripple, Brad Garlinghouse, indicated that it would move its headquarters to a country with more pro-crypto regulation than the United States. Regulations are currently one of the key issues for Ripple. Definitely, the support of the authorities is necessary to continue with the adoption of their solutions.
Similarly, the executive director of the DIFC Authority, Arif Amiri, describes Ripple as “one of the most exciting additions of 2020”. Affirming that it will be able to advance the development of the regional Blockchain sector.
Thus, Ripple’s Managing Director for South Asia and MENA, Naving gupta, stressed that the company’s presence in the region will grow. In addition, he indicated that Ripple could expand its relationships with new clients in the region:
“Ripple already has a significant customer base in the MENA region. The opportunity to co-locate with our clients made the DIFC a natural choice. “
Adding: “Our regional office will serve as a springboard to introduce our Blockchain-based solutions and deepen our ties with more financial institutions in the region. We feel welcome in our new regional home at DIFC”.
It should be noted that Ripple claims that the country offers innovative regulations. An expanding network and a reputation as a leading global financial center.
To conclude, Ripple and DIFC are aligned in their vision to shape the future of finance.
I retire with this phrase from Francis Picabia: “The new vision is a move. A change of address, we enter a new home”.