The San Francisco-based blockchain company has opened regional offices in Dubai to relocate its headquarters
Plans for Ripple’s new global headquarters are still in the making, but that doesn’t stop the company from making new office expansions. The company announced that it would open a regional headquarters in Dubai. Ripple’s MENA offices will be located in the Dubai International Financial Center. The building is already home to many other businesses, including hotels, financial companies, and art galleries.
However, the chances that Dubai will be Ripple’s next global headquarters are slim. Ripple expressed frustration with the regulatory environment in the US in early October. The company threatened to leave the country if the landscape was not made more friendly.
Ripple will most likely move to a country where regulators don’t consider the XRP token as a security. In late October, the blockchain firm said it was seriously considering Japan as its next home. Other options mentioned were Switzerland, Singapore and Great Britain.
Ripple MENA CEO Navin Gupta cited his huge base in the Middle East and North Africa as the reason for the move. The innovative regulations in the region also played a role.
“Ripple already has a significant customer base in the MENA [the Middle East and North Africa] Region and the ability to partner with our customers made DIFC a natural choice. Our regional office will serve as a stepping stone to introduce our blockchain-based solutions and deepen our relationships with even more financial institutions in the region, ”he said
With the new regional headquarters located in the United Arab Emirates, Ripple will benefit greatly from a tax perspective. It is reported that the DIFC will not offer Ripple taxes on corporate income and profits for more than half a century.
Ripple’s decision to open a new regional headquarters comes at a time when XRP is experiencing increased volatility. The Q3 XRP market report published on November 5 showed higher XRP volatility than BTC and ETH compared to the third quarter.