Ripple has secured regulatory approval from the Dubai Financial Services Authority (DFSA) to offer crypto payments and services in the Dubai International Financial Centre (DIFC), making it the first blockchain-enabled payments provider to receive such a license.
The approval marks a significant milestone for Ripple, expanding its presence in the Middle East and reinforcing its commitment to regulatory compliance in key financial markets.
As per reports, this move is expected to strengthen Ripple’s role in facilitating cross-border transactions for businesses in the UAE, a region with a $400 billion market for international trade. The demand for blockchain-based payment solutions has been growing across the Middle East, with financial institutions and crypto-native firms seeking alternatives to traditional payment systems that often come with high fees, slow settlement times, and limited transparency.
A 2024 business survey by Ripple indicated that 64% of finance leaders in the Middle East and Africa view faster payments and settlement times as the primary advantage of blockchain-based currencies in cross-border transactions.
Ripple CEO Brad Garlinghouse emphasized the impact of regulatory clarity on the crypto industry’s growth, 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.”
He also highlighted the UAE’s proactive stance in fostering an environment conducive to crypto and tech innovation.
Since establishing its Middle East headquarters in DIFC in 2020, Ripple has been expanding its footprint in the region. Currently, around 20% of its global customer base operates in the Middle East, a region noted for its high institutional readiness for crypto adoption. According to industry insights, over 82% of MEA finance leaders express confidence in integrating blockchain solutions into their business operations.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, described the DFSA license as a major step forward, enabling the company to meet growing demand for efficient cross-border transactions.
“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” he said.
The regulatory approval is expected to support the adoption of blockchain-based payments and stablecoins, which offer real-time settlement capabilities compared to traditional banking systems that can take days to process transactions.
This latest approval adds to Ripple’s list of more than 60 regulatory licenses worldwide, including authorizations from the Monetary Authority of Singapore, the New York Department of Financial Services, and the Central Bank of Ireland.
With a growing global presence, Ripple continues to position itself as a key player in the digital payments space, working alongside regulators to bring blockchain solutions to financial institutions worldwide.
Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.
