- Ripple has secured strategic regulatory authorization in Dubai.
- The development enabled the company to expand its scope of services.
- It also put Ripple on track to become the UAE’s first licensed blockchain-based payments company.
Digital asset infrastructure company Ripple has secured in-principle approval from the Dubai Financial Services Authority (DFSA) to expand the scope of its services in the United Arab Emirates (UAE).
The development marks a pivotal moment for Ripple following the establishment of its regional headquarters in Dubai in 2020. It underscores the companyโs strategy to strengthen its presence in the Middle East region, which has recently emerged as a new hotbed for crypto adoption.
Rippleโs Regulatory Win in Dubai
In a press release on October 1, Ripple said DFSAโs in-principle approval enabled it to provide seamless cross-border payment services, including Ripple Payments Direct (RPD), from the Dubai International Financial Centre (DIFC).
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The company is also keen to introduce its enterprise-grade crypto infrastructure to a broader customer base in the UAE, furthering its mission of providing businesses with critical payment solution components, such as liquidity, custody, and on/off-ramps between fiat and digital assets.
With the preliminary authorization, Ripple has inched closer to becoming the first blockchain-based payment services provider by the DFSA, the independent regulator of financial services conducted at the DIFC.
Reece Merrick, Rippleโs Managing Director for Middle East and Africa, noted that the authorization positioned the company to support the UAEโs vision to become a global crypto and fintech hub through institutional adoption of blockchain technology.
โOver 20% of Rippleโs global customer base is located in the UAE and as we continue to extend our operations and services, we are fulfilling the growing demand for more efficient and cost-effective cross-border payment solutions,โ Merrick stated.
The win furthers Rippleโs regulatory compliance momentum, adding to the company’s over 55 licenses globally. This includes authorizations from the Monetary Authority of Singapore (MAS), the Central Bank of Ireland (CBI), and the New York Department of Financial Services (NYDFS).
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Read about Bybitโs recent regulatory win in Kazakhstan:
Bybit Secures Kazakhstanโs Full Crypto License
