Ripple Secures DFSA License for Regulated Crypto Payments in the UAE

A digital payment company leveraging blockchain technology Ripple has revealed that it has been granted approval from the Dubai Financial Services Authority (DFSA) to roll out regulated cryptocurrency payment options and services within the Dubai International Financial Centre (DIFC). This makes Ripple the pioneering blockchain-based payment provider to earn a license from the DFSA.

This achievement marks Ripple’s initial licensing venture in the Middle East, underscoring the company’s unwavering commitment to the area and its focus on adhering to global regulatory standards. The endorsement allows Ripple’s compliance-focused global payment solutions to reach businesses operating in the UAE, further fortifying Ripple’s role as a reliable ally for financial institutions keen on harnessing the innovative potential of digital assets for practical purposes, as highlighted in the company's announcement.

Ripple Strengthens Regional Presence: Empowering Middle Eastern Financial Institutions with Blockchain and Digital Payment Technologies

Ripple is a tech firm specializing in enterprise-level solutions for global payments and digital asset management.

Since establishing its Middle East headquarters in DIFC in 2020, Ripple has been broadening its footprint in the region. With approximately 20% of its international customer base already situated in the Middle East, this regulatory endorsement further enhances Ripple’s ability to foster growth and innovation in a promising market. The MEA area is recognized for its high institutional readiness for cryptocurrency adoption, with over 82% of financial leaders in the region expressing robust confidence in implementing blockchain solutions in their operations.

The utility of payments is poised to stimulate the adoption of stablecoins in the UAE, as stablecoins facilitate real-time settlement, in stark contrast to traditional banking systems that may take days to complete transactions. Ripple’s RLUSD stablecoin, which debuted in December on global exchanges, has already exceeded a $100 million market cap.

Ripple’s DFSA license adds to its growing portfolio of more than 60 regulatory approvals worldwide, including a Major Payments Institution license from the Monetary Authority of Singapore (MAS), a Trust Charter from the New York Department of Financial Services (NYDFS), a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, and Money Transmitter Licenses (MTLs) across several states in the US.