Ripple has received regulatory approval from the DFSA to provide crypto payment services in the UAE, making it the first blockchain provider to do so. This milestone aligns with UAE’s cross-border payment market and Ripple’s goals for compliant digital financial solutions. Ripple aims to enhance transaction efficiency and has garnered over 60 regulatory approvals globally.
Ripple has attained regulatory approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments and services in the Dubai International Finance Centre (DIFC), marking it as the first blockchain payments provider licensed by the DFSA. This announcement on March 13, 2025, underscores Ripple’s dedication to compliance and establishes a foundation for its global payments product tailored for businesses in the United Arab Emirates (UAE).
The UAE has emerged as a key player in global cross-border remittances, with a market valued at approximately $40 billion. Ripple’s expansion into this regulated arena aligns seamlessly with the regional demand for innovative digital financial tools. Brad Garlinghouse, Chief Executive Officer of Ripple, emphasized the significance of the UAE’s proactive stance on tech and crypto innovation as a catalyst for growth in the crypto sector.
Ripple’s engagements in the Middle East date back several years, with its headquarters established in the DIFC in 2020. Presently, about 20% of Ripple’s global clientele operates from this region, reflecting a rising interest among crypto-native businesses and traditional financial institutions in addressing cross-border payment challenges such as high fees and slow settlement times. A recent Ripple survey indicated that 64% of finance leaders in the Middle East and Africa recognize quicker payments as the foremost reason for adopting blockchain currencies.
Arif Amiri, Chief Executive Officer of the DIFC, expressed enthusiasm about Ripple’s deeper commitment to Dubai, citing the DFSA license as crucial for fostering innovation and expanding growth prospects in finance across the region. He underscored that organizations like Ripple are essential to advancing blockchain adoption in payment processes.
With the DFSA license secured, Ripple aims to enhance the efficiency and transparency of cross-border transactions, as highlighted by Reece Merrick, Ripple’s Managing Director for Middle East and Africa. He pointed out that the license will enable the company to address the increasing demand for timely and cost-effective transactions in this pivotal payment hub.
Furthermore, Ripple’s activity in stablecoin development has gained traction, especially with the release of its RLUSD stablecoin, which has surpassed a market capitalization of $100 million. The introduction of stablecoins could significantly enhance the UAE’s payment landscape due to the delays associated with conventional banking systems.
Currently, Ripple holds over 60 regulatory approvals internationally, which include licenses from the Monetary Authority of Singapore, the New York Department of Financial Services, and the Central Bank of Ireland, among others.
Ripple’s recent licensing by the UAE’s DFSA highlights its commitment to providing regulated crypto payment solutions. The UAE’s status as a burgeoning hub for cross-border payments complements Ripple’s objectives to leverage digital asset innovations. With its strong recognition in the region and the capability to offer faster, transparent transactions, Ripple is well-positioned for growth and exploration of new opportunities within the evolving financial landscape.
Original Source: bitcoinist.com
