Ripple has secured a DFSA license, enabling it to offer cross-border crypto payments in the UAE. This approval allows Ripple to operate within the DIFC, enhancing its blockchain payment solutions for local businesses. CEO Brad Garlinghouse highlighted the UAE’s supportive environment for crypto innovation, indicating a rising demand for such services.
Ripple has obtained regulatory approval from the Dubai Financial Services Authority (DFSA) to operate as a cross-border crypto payment provider in the United Arab Emirates (UAE). This license, secured on March 13, permits Ripple to operate within the Dubai International Financial Center (DIFC), a special free-economic zone with distinct tax and regulatory frameworks.
This development follows an earlier in-principle approval announced by Ripple on October 1, 2024, as the company prepared to introduce its digital asset frameworks in the UAE. Now, with full DFSA approval, Ripple is ready to offer its blockchain-based payment solutions to local businesses, primarily targeting financial institutions interested in integrating digital assets.
CEO Brad Garlinghouse emphasized the UAE’s favorable position for technological and crypto innovations, citing the country’s proactive stance that fosters growth in the crypto sector. “We are entering an unprecedented period of growth for the crypto industry,” he mentioned, reflecting on the increasing regulatory clarity and institutional adoption worldwide. Ripple acknowledged growing demand for cross-border payment solutions across the Middle East, extending beyond crypto firms to traditional financial entities.
As the first blockchain-enabled payment provider within DIFC’s free zone, Ripple marks a significant milestone, according to DIFC CEO Arif Amiri. He expressed enthusiasm about Ripple’s commitment to Dubai through the newly acquired DFSA license, which opens up various opportunities in the UAE and the broader MENA region.
Ripple’s acquisition of a DFSA license marks a significant advancement in the crypto payments sector within the UAE. This approval not only establishes Ripple as a pioneer in the Dubai International Financial Center but also aligns with the broader trend of increasing institutional interest and regulatory clarity in the cryptocurrency market. With an emphasis on utilizing blockchain-based solutions in financial practices, Ripple’s efforts could illuminate the UAE’s potential in the global financial landscape.
Original Source: cointelegraph.com
