Ripple has secured a DFSA license to provide cross-border crypto payment services in the UAE, allowing it to operate within the Dubai International Financial Center. The license enables Ripple to offer blockchain solutions to businesses and financial institutions, reflecting the growing demand for digital assets in the region. Ripple is the first blockchain-enabled payments provider in DIFC, marking a significant step in the UAE’s crypto landscape.
Ripple, a blockchain payment provider, has received full regulatory approval from the Dubai Financial Services Authority (DFSA) to deliver cross-border crypto payment services in the United Arab Emirates (UAE). This announcement was made on March 13, confirming that Ripple is now licensed to operate within the Dubai International Financial Center (DIFC), a free-economic zone with its own regulatory framework and tax policies.
The DFSA license was awarded nearly six months following Ripple’s in-principle approval announcement on October 1, 2024. The company aims to launch its digital asset infrastructure in the UAE, reflecting its strategic commitment to implementing blockchain technology for payment systems in the region.
With this new licensing, Ripple is positioned to offer its global blockchain payment solutions to a diverse range of businesses in the UAE. This includes support for financial institutions that are seeking partners to effectively utilize digital assets in practical applications. Ripple’s CEO, Brad Garlinghouse, indicated that the UAE is strategically poised to embrace technological advancements and crypto innovation, 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.”
The demand for cross-border payments in the Middle East has significantly risen, not only from crypto-focused companies but also from traditional financial institutions. Furthermore, with the DFSA approval, Ripple has become the inaugural blockchain-enabled payments provider within the DIFC’s free zone. Arif Amiri, CEO of DIFC, expressed enthusiasm regarding Ripple’s increased commitment to Dubai, emphasizing the company’s potential to explore opportunities across the UAE and the greater MENA region.
In conclusion, Ripple’s acquisition of a DFSA license exemplifies a significant advancement in the evolution of crypto payment services in the UAE. This approval enables Ripple to capitalize on the growing demand for blockchain-based financial solutions among institutions in the region. The strategic importance of Dubai as an innovation hub is underscored through this milestone, which may herald a new era of growth in the cryptocurrency landscape.
Original Source: cointelegraph.com
