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Blockchain payments provider Ripple has taken a significant step toward global expansion: The company received full regulatory approval from the Dubai Financial Services Authority (DFSA) to offer cross-border crypto payment services in the United Arab Emirates (UAE). This makes Ripple the first licensed blockchain payments provider in the Dubai International Financial Center (DIFC) Free Economic Zone.
On October 1, 2024, Ripple announced that it was working on obtaining a DFSA license after receiving preliminary approval. Now, almost six months later, the company has taken the decisive step. With the full license, Ripple is now able to offer its global blockchain-based payment solutions across the UAE. This opens up the possibility, especially for financial institutions, to use digital assets in real-world applications.
Demand for cross-border payment solutions has increased significantly in the Middle East and North Africa (MENA) region – not only among crypto-native companies but also among traditional financial institutions. Ripple sees enormous growth potential here. “The UAE is well positioned to benefit from technological and crypto innovations thanks to its early leadership and supportive environment,” emphasized Ripple CEO Brad Garlinghouse in a press release. He added: “We are entering an unprecedented period of growth for the crypto industry, driven by increasing regulatory clarity globally and growing institutional adoption.”
Arif Amiri, CEO of the Dubai International Financial Center, expressed his enthusiasm about the development: “We are delighted that Ripple is deepening its commitment to Dubai by securing a DFSA license, becoming the first blockchain-based payments provider in the DIFC.” This license will enable Ripple to explore new business opportunities not only in the UAE but throughout the MENA region.
The UAE has positioned itself as a pioneer in the integration of blockchain technologies, and Ripple could use this momentum to secure similar partnerships and licenses in other regulated markets.
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