Ripple Secures DFSA License to Propel Crypto Payments in the UAE

Ripple has secured a DFSA license to offer crypto payment services in the UAE, enabling its blockchain solutions within the DIFC. This marks Ripple as the first blockchain-enabled payment provider in the DIFC, catering to both crypto-native firms and traditional financial institutions. CEO Brad Garlinghouse highlighted the UAE’s conducive environment for crypto innovation, noting the industry’s growth due to improved regulatory clarity.

Ripple, a prominent blockchain payment provider, 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 announcement, made on March 13, confirms Ripple’s compliance to operate within the Dubai International Financial Center (DIFC), a free-economic zone characterized by its unique tax policies and regulatory framework.

The achievement follows almost six months after Ripple initially received in-principle approval for the DFSA license, with the endeavor to license as a part of their goal to expand their digital asset infrastructure in the UAE, announced on October 1, 2024.

With the newly acquired license, Ripple is positioned to extend its blockchain-based payment solutions to UAE businesses. This development aims to facilitate financial institutions in leveraging digital assets for practical applications. CEO Brad Garlinghouse emphasized the UAE’s favorable climate for technological 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.”

Furthermore, Ripple has identified a marked increase in demand for cross-border payment solutions within the Middle East, encompassing both crypto-native firms and established traditional financial institutions seeking innovative partnerships.

As the first blockchain-enabled payments provider in the DIFC, Ripple’s DFSA approval marks a significant step in expanding its presence in the region. DIFC CEO Arif Amiri expressed enthusiasm regarding Ripple’s commitment, 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. This license allows Ripple to tap into opportunities in the UAE and the broader MENA region.”

In summary, Ripple’s recent acquisition of the DFSA license represents a pivotal advancement in the realm of crypto payments within the UAE. This approval positions Ripple as a frontrunner in the DIFC, enabling the company to meet the growing demand for blockchain-based financial solutions. As the industry experiences heightened regulatory clarity and institutional support, Ripple’s strategic expansion in the UAE reflects both its commitment and ambition in the Middle Eastern market.

Original Source: cointelegraph.com