Ripple has revealed that its on-chain demand liquidity (ODL) trademark product is now officially registered with UAE’s economics ministry. The announcement was made via Twitter by Twitter user handles (@ripplepandaXRP and @wkahneman).
Based on the information from the tweets, Ripple’s registration with the UAE regulator’s commercial department will allow them to offer peer-to-peer financial data services.
The tweet announcement. Source: Twitter
The translation of the announcement, which can be found in the comments, indicates that Ripple’s ODL registration offers e-payment services involving cryptocurrency and fiat currency exchange and fiat payment services. Part of their services will include payment verification and delivering payments between receivers and senders.
The published document indicates that Ripple’s filing for ODL registration has been submitted since October last year.
Exchanges with Indian Customers May Pay 18% Tax
The economic times report that foreign virtual assets exchanges with Indian customers may be mandated to pay 18% tax under the goods and services tax policy. Foreign firms with no physical office in India but which offer online information database access and retrieval (OIDAR) would need to appoint what can be termed a ‘tax manager’ to remit their taxes to the appropriate quarters.
Two days ago, media reports revealed that the reserve bank of India’s disdain for virtual currencies has made it almost impossible for Indian exchanges to find suitable banking partners. You would recall that earlier this month, the directorate of enforcement (ED) alleged that WazirX (the leading crypto exchange in India) breached the 1999 foreign management act (FEMA).
Hence, the exchange firm has to hire the services of TRM labs to help the firm identify crypto criminals and make them face the law.
Ripple Invests in Mintable
XRP parent company, Ripple, was among the top investors in a $14 million Series A funding round recently completed by Mintable (a mining platform and marketplace for non-fungible tokens (NFTs) with headquarters in Singapore). Other investors include firms (such as Animoca brands and Metapurse) and individuals like Jon Oringer (Shutterstock’s founder and chairman) and Doug Band (a former Bill Clinton advisor).
The Strategic Business Innovator (SBI) group recently revealed that XRP ledger (XRPL) might be an effective NFT blockchain, and Mintable seems to agree with this submission. Hence, they have collaborated with the blockchain to inaugurate their NFT on the XRPL.
Ripple states that “XRPL’s annual energy consumption is less than 800,000 KWH which pales in comparison to other similar networks with annual energy consumption of about 67 TWh. Also, it’s already carbon neutral. Hence, creators can mint, buy and transfer unlimited amounts of NFTs without worrying about polluting the environment.”
Thus, Mintable can achieve its objective of fast NFT transactions regardless of the users’ experience in using the platform or selling NFTs. Mintable will use part of the funds raised to expand its business services across wider regions of the world. Initially, Mintable was built on Ethereum, but the constant rise in Ethereum gas fees caused it to switch to Zilliqa.
Following the switch, the platform allowed its users to create NFTs at almost no cost since they wouldn’t pay any gas fee.