Ripple Obtains DFSA License for Crypto Payments in the UAE

Ripple has secured a full regulatory license from the Dubai Financial Services Authority to provide cross-border crypto payment services in the UAE. This allows them to operate in the Dubai International Financial Center (DIFC), catering to the growing demand for blockchain-based solutions among financial institutions. Ripple aims to understand stablecoin regulations as it expands its services in the region.

On March 13, Ripple, a blockchain payment provider, announced that it 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). This license enables Ripple to operate within the Dubai International Financial Center (DIFC), a designated UAE free-economic zone with distinct tax policies and regulations. This comes nearly six months after the company originally obtained in-principle approval for the license.

The newly acquired DFSA license empowers Ripple to extend its global blockchain payment solutions to businesses throughout the UAE. It positions Ripple to assist financial institutions in utilizing digital assets for practical applications. Ripple’s CEO, Brad Garlinghouse, highlighted that the UAE is strategically situated to leverage technological and cryptocurrency advancements due to its progressive stance and nurturing ecosystem.

In addition, Ripple has noted a significant rise in demand for cross-border payment solutions from various sectors in the Middle East, not solely from crypto-centric firms but also traditional financial institutions. Furthermore, a Ripple spokesperson emphasized the company’s commitment to understanding stablecoin regulations as the Central Bank of the UAE prepares to implement new guidelines.

This regulatory approval renders Ripple the first blockchain-enabled payment provider to function within the DIFC’s free zone. DIFC CEO Arif Amiri expressed excitement regarding Ripple’s commitment to Dubai and noted that this license opens numerous opportunities across the UAE and the larger MENA region.

Ripple’s licensing by the DFSA marks a significant advancement for the company in the UAE, granting it the ability to offer blockchain-based payment solutions in the Dubai International Financial Center. The increased demand for such technologies by both cryptocurrency and traditional financial institutions positions Ripple favorably for future growth in the region. The company is also proactively addressing upcoming regulatory requirements regarding stablecoins to enhance its offerings in compliance with local regulations.

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