Ripple has secured a DFSA license, allowing it to provide cross-border crypto payment services in the UAE. This approval enables Ripple to operate within the Dubai International Financial Center (DIFC). The company aims to support financial institutions with digital assets and is closely monitoring upcoming stablecoin regulations from the Central Bank of the UAE. Ripple is the first crypto payment provider in DIFC, tapping into significant opportunities in the region.
Ripple, a prominent blockchain payment provider, has successfully garnered full regulatory approval from the Dubai Financial Services Authority (DFSA) to deliver cross-border crypto payment services in the United Arab Emirates (UAE). The announcement on March 13 signifies Ripple’s receipt of the DFSA license, enabling operations within the Dubai International Financial Center (DIFC), which features its own distinct tax policies and regulatory framework.
This development follows the company’s earlier announcement, six months prior, regarding the in-principle approval from the DFSA. On October 1, 2024, Ripple initiated steps towards obtaining this license, aiming to implement its digital asset infrastructure throughout the UAE.
With the newly acquired license, Ripple is poised to extend its global blockchain-based payment solutions to various businesses throughout the UAE. This strategic move allows the firm to engage financial institutions seeking partnerships to integrate digital assets into practical applications in the real world.
Ripple’s CEO, Brad Garlinghouse, expressed optimism about the UAE’s potential for technological and cryptocurrency innovation, attributing this to the region’s proactive leadership and favorable environment. The company has also noted an increased demand for cross-border payments in the Middle East, indicating a burgeoning interest from both crypto-native and traditional financial enterprises.
In addition, a Ripple spokesperson indicated that the company is actively monitoring upcoming regulations related to stablecoins as mandated by the Central Bank of the UAE (CBUAE). The spokesperson emphasized their commitment to understanding the implications and timelines as these regulatory requirements are finalized. Furthermore, Ripple is focused on ensuring the global availability of its stablecoin, RLUSD, which is currently accessible in the UAE via the crypto exchange CoinMENA.
With DFSA approval, Ripple has distinguished itself as the first blockchain-enabled payment provider operating within the DIFC free zone. DIFC CEO Arif Amiri conveyed his enthusiasm regarding Ripple’s commitment to Dubai, noting that the license unlocks significant opportunities for Ripple not only in the UAE but across the broader MENA region.
Ripple’s acquisition of a DFSA license enables it to offer innovative blockchain-based payment solutions in the UAE, marking a pivotal development for the company as it expands its services. The firm is committed to understanding regulatory frameworks for stablecoins while capitalizing on growing demand for cross-border payments in the region. This strategic foothold not only enhances Ripple’s market presence but also signifies ongoing advancements in cryptocurrency infrastructure within Dubai.
Original Source: www.tradingview.com
