Ripple, an enterprise blockchain and crypto solutions provider, received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments and services in the Dubai International Financial Centre (DIFC).
Ripple will be the first blockchain-enabled payments provider licenced by DFSA, according to a statement by the Dubai government published Thursday.
“Securing this DFSA licence is a major milestone that will enable us to better serve the growing demand for faster, cheaper and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs,” said Reece Merrick, Ripple’s Managing Director for the Middle East and Africa.
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Meanwhile the company’s CEO, Brad Garlinghouse, said “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.
“Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”
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“Ripple can now expand its global payment solutions to UAE businesses, encouraging broader adoption of blockchain technology. This also sets an example for other crypto companies to seek similar regulatory approvals and operate within a legal framework,” George Pavel General Manager at Naga.com Middle East told Business Recorder.
“The approval also strengthens Dubai’s position as a key hub for Ripple’s growth in the Middle East, Africa, and South Asia,” he said, adding that “by tapping into Dubai’s $40 billion international trade market, Ripple aims to improve cross-border payments and develop the region’s role in fintech and digital assets.”
“Ripple’s licensed status is expected to drive further adoption of XRP for cross-border payments, contributing to Dubai’s strategy to attract more blockchain firms and investments.”
Arif Amiri, DIFC Authority CEO, said that the move “not only highlights our commitment to fostering innovation, but also opens the door for Ripple to tap into new growth opportunities across the region and beyond.
Amiri reafirrmed DIFC’s commitment to supporting forward-thinking companies like Ripple in shaping the future of finance and accelerate the adoption of blockchain technology in the payments industry.
