According to Cointelegraph, blockchain payment provider Ripple has received full regulatory approval from the Dubai Financial Services Authority (DFSA) to offer cross-border crypto payment services in the United Arab Emirates (UAE). The company announced on March 13 that it had secured its DFSA license, allowing it to operate in the Dubai International Financial Center (DIFC), a UAE free-economic zone with its own tax policies and regulatory framework. This announcement follows nearly six months after Ripple initially received in-principle approval for the DFSA license. On October 1, 2024, Ripple revealed its efforts to become licensed by the DFSA as part of its strategy to expand its digital asset infrastructure in the UAE.
With this license, Ripple is now positioned to provide its global blockchain-based payment solutions to businesses across the UAE. The company emphasized that this development enables it to support financial institutions seeking partners to integrate digital assets into real-world applications. Ripple CEO Brad Garlinghouse highlighted the UAE's favorable environment for tech and crypto innovation, stating, "We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption." Ripple also noted a surge in demand for cross-border payments across the Middle East, with interest coming not only from crypto-native firms but also from traditional financial institutions.
Ripple's DFSA approval marks a significant milestone as it becomes the first blockchain-enabled payments provider to operate within DIFC’s free zone. DIFC CEO Arif Amiri expressed enthusiasm about Ripple's commitment to Dubai, stating, "We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC." The license opens up opportunities for Ripple in the UAE and the broader MENA region, allowing the company to expand its reach and influence in the area.
Alex
