Transaction URL: https://blockchain.com/btc/tx/15596170dfbed03e63036ec6ada09487639970449151f86576ed3398160a18aa
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Title: Ripple Gains First-Ever Blockchain License from DFSA, Pioneering Crypto Payments in UAE
Ripple announced Thursday its landmark approval by the Dubai Financial Services Authority to provide regulated crypto payments in the UAE. This approval marks Ripple as the first blockchain-enabled payments provider to be licensed by the agency. CEO Brad Garlinghouse highlighted this as a period of significant growth for the crypto industry fueled by increased regulatory clarity and institutional adoption.
The UAE’s proactive stance on tech and crypto innovation makes it an ideal environment for such advancements. Ripple reports a surge in demand from both crypto-native firms and traditional financial institutions in the Middle East with about 20% of its global customers based there. This region’s engagement is poised to amplify Ripple’s impact further.
The utility of payments is set to boost stablecoin adoption in the UAE. Real-time settlements offered by stablecoins are expected to enhance the growth of Ripple’s RLUSD stablecoin which currently boasts a $134 million capitalization. Ripple’s new DFSA license complements its over 60 global regulatory approvals establishing it as a leader in the regulated blockchain space.
Rumble has strategically increased its Bitcoin holdings acquiring approximately 188 Bitcoin at an average price of $91,000 each. This significant investment aligns with the company’s ambitious plan to allocate up to $20 million to Bitcoin reinforcing their belief in its long-term value. As a prominent video-sharing and cloud services platform Rumble’s latest move underlines their dedication to integrating cryptocurrency within their financial strategy.
CEO Chris Pavlovski announced the company’s enthusiasm about integrating Bitcoin into their treasury strategy. He highlighted the digital currency’s advantages such as being a hedge against inflation and immunity to the dilution that affects fiat currencies. Pavlovski expressed pride in making Rumble a beacon for the crypto community signaling a deeper engagement with the industry.
Future acquisitions of Bitcoin by Rumble will depend on a variety of factors including market conditions and company liquidity. While the current strategy is robust Rumble retains the flexibility to adjust or pause their Bitcoin investments responding to changing market dynamics and internal financial requirements.
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House representatives voted yesterday to overturn the IRS’s “DeFi broker” rule, which was passed in the final days of the Biden administration.
The resolution — introduced under the Congressional Review Act — passed in a 292-131 vote. 76 Democrats voted in favor of abolishing the rule.
The IRS’s rule required DeFi brokers to file 1099-DA forms, which are the newly approved tax forms that crypto exchanges must use starting in tax year 2025. Given that DeFi companies are not centralized, the requirements were unrealistic, industry advocates have argued.
During…
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