Ripple Receives DFSA License To Provide Regulated Crypto Payments In UAE
In Brief
Ripple has received approval from the Dubai Financial Services Authority to offer regulated crypto payments and services within the Dubai International Financial Centre.
Blockchain-based digital payment company Ripple has announced that it has received approval from the Dubai Financial Services Authority (DFSA) to offer regulated cryptocurrency payments and services within the Dubai International Financial Centre (DIFC). Ripple will be the first blockchain-enabled payments provider to be licensed by the DFSA.
This represents Ripple’s first license in the Middle East, emphasizing the company’s ongoing commitment to the region and its dedication to global regulatory compliance. The approval enables Ripple’s compliance-focused global payments solution to be available to businesses in the UAE, further solidifying Ripple’s position as a trusted partner for financial institutions aiming to utilize the advanced capabilities of digital assets for practical use, as noted in the company’s statement.
Ripple Expands Regional Presence: Empowering Middle Eastern Financial Institutions With Blockchain And Digital Payment Solutions
Ripple is a technology company that provides enterprise solutions for global payments and digital asset management.
Since setting up its Middle East headquarters in the DIFC in 2020, Ripple has been expanding its presence in the region. With around 20% of its global customer base already located in the Middle East, this regulatory approval further positions Ripple to drive growth and innovation in a market with high potential. The MEA region has one of the highest levels of institutional readiness for cryptocurrency adoption, with over 82% of finance leaders in the area expressing strong confidence in integrating blockchain solutions into their businesses.
Payments utility is expected to boost stablecoin adoption in the UAE, as stablecoins enable real-time settlement, unlike traditional banking systems that can take days to process transactions. Ripple’s RLUSD stablecoin, launched in December on global exchanges, has already surpassed a $100 million market cap.
Ripple’s DFSA license adds to its expanding list of over 60 regulatory approvals globally, including a Major Payments Institution license from the Monetary Authority of Singapore (MAS), a Trust Charter from the New York Department of Financial Services (NYDFS), a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, and Money Transmitter Licenses (MTLs) across various US states.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
