Ripple Receives DFSA Approval to Launch Regulated Crypto Payments in Dubai
DUBAI, United Arab Emirates — Ripple, a leading enterprise blockchain and crypto solutions provider, has announced today its approval from the Dubai Financial Services Authority (DFSA) to operate regulated crypto payment services within the Dubai International Finance Centre (DIFC). This achievement marks Ripple as the first blockchain-enabled payments provider licensed by the DFSA, representing a significant milestone for the company in the Middle East.
First License in the Middle East
The DFSA license marks Ripple’s inaugural entry into the Middle East market, underscoring its commitment to regulatory compliance and growth in the region. The approval will allow Ripple to offer its global payments platform, designed to facilitate seamless transactions compliant with regulatory standards, to businesses in the United Arab Emirates (UAE). Ripple’s entry is expected to enhance its support for financial institutions looking to utilize digital assets for practical applications, thereby fostering innovation within the regional finance sector.
Brad Garlinghouse, Chief Executive Officer of Ripple, shared his thoughts on the approval: “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption. Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”
UAE: A Global Finance Hub
The UAE, with its robust financial infrastructure and extensive international trade market valued at over $400 billion, stands as a strategic platform for Ripple to expand its operations. The demand for innovative payment solutions from both crypto-native and traditional financial institutions has surged as they seek to address inefficiencies in conventional cross-border payments, such as high fees and prolonged settlement times.
A recent survey conducted by Ripple revealed that 64% of finance leaders in the Middle East and Africa view faster payment and settlement capabilities as the primary advantage of integrating blockchain technology into their operations.
Comments from DIFC Authority
His Excellency Arif Amiri, CEO of the DIFC Authority, expressed enthusiasm regarding Ripple’s new license: “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 milestone not only highlights our commitment to fostering innovation, but also opens the door for Ripple to tap into new growth opportunities across the region and beyond.”
The DIFC is recognized as the leading global financial center for the Middle East, Africa, and South Asia, and is committed to supporting pioneering companies like Ripple that are redefining the financial landscape.
Amplifying Presence in the Region
Since establishing its regional headquarters in DIFC in 2020, Ripple has expanded its footprint in the Middle East, with approximately 20% of its global clientele already operating in the region. This regulatory approval is set to bolster Ripple’s growth trajectory in a market with significant potential for blockchain technology adoption. Over 82% of finance leaders in the MEA region express confidence in incorporating blockchain solutions within their businesses.
Reece Merrick, Ripple’s Managing Director for Middle East and Africa, noted: “Securing this DFSA license is a major milestone that will enable us to better serve the growing demand for faster, cheaper, and more transparent cross-border transactions in one of the world’s largest payment hubs.”
Future Potential of Stablecoins
The approval is also expected to accelerate the adoption of stablecoins in the UAE, which can facilitate real-time settlements compared to conventional banking systems that often take days for transaction processing. Ripple’s own recently launched RLUSD stablecoin has already achieved a market capitalization exceeding $130 million.
As Ripple continues to earn regulatory approvals—now totaling over 60 worldwide, including licenses in Singapore, New York, Ireland, and various U.S. states—it remains steadfast in its mission to provide compliant blockchain technology solutions for financial institutions across the globe.
About Ripple
Ripple provides digital asset infrastructure for financial institutions, delivering innovative, reliable software solutions that enhance global finance. Utilizing the XRP Ledger and its native digital asset, XRP, Ripple is dedicated to enabling fast, low-cost transactions across various sectors. As a trusted partner for regulators and financial institutions, Ripple is at the forefront of the digital asset economy, supporting a transformative approach to value exchange in today’s financial systems.
Share this article:
