Ripple establishes Dubai regional office after considering leaving US. According to a Nov. 7 announcement, Ripple has established a regional office in the Dubai International Financial Centre, or DIFC.
The blockchain-based payments firm allegedly chose the location for its “innovative regulations.” The DIFC website states the special economic zone serves more than 2,500 companies across the Middle East, Africa, and South Asia as an “independent regulator” with a “proven judicial system.”
Managing Director at Ripple, Navin Gupta said that “Ripple already has a significant client base in the MENA [Middle East and North Africa] region and the opportunity to co-locate with our customers made DIFC a natural choice,” “Our regional office will serve as a springboard to introduce our blockchain based solutions and deepen our ties with even more financial institutions in the region.”
CEO Brad Garlinghouse and co-founder Chris Larsen spoke about moving the company’s San Francisco headquarters to a country with more legal certainty than the United States. Ripple has shortlisted Japan and Singapore as a possible site for its new offices.
Based in the United Arab Emirates, the DIFC reportedly offers blockchain firms like Ripple no taxes on corporate income and profits for at least 50 years. In addition to the financial center, the Dubai Multi Commodities Centre — the largest free zone in the UAE — announced in January that it is planning to launch a new type of crypto valley.
[image: ZQ Lee]