Ripple Secures DFSA License, Becomes First Crypto Payment Provider in Dubai
Ripple has obtained 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 and respond to increasing demand for blockchain-based payment solutions. The company is also preparing for upcoming stablecoin regulations in the region. Ripple is recognized as the first blockchain-enabled payment provider in the DIFC.
Ripple has secured full regulatory approval from the Dubai Financial Services Authority (DFSA) to offer cross-border cryptocurrency payment services in the United Arab Emirates. This significant development was announced on March 13, enabling Ripple to operate within the Dubai International Financial Center (DIFC), a unique economic zone that possesses its own regulatory framework and tax policies.
This announcement follows Ripple’s earlier announcement in October 2023 when it indicated its intention to obtain a DFSA license to expand its digital asset infrastructure in the region. The approval allows Ripple to deliver its blockchain-based payment solutions to businesses across the UAE, targeting financial institutions seeking to integrate digital assets into practical applications.
Ripple’s CEO, Brad Garlinghouse, stated that the UAE is in a prime position to leverage advancements in technology and cryptocurrency due to its proactive approach and supportive environment for innovation. Additionally, Ripple has observed a rise in demand for cross-border payment solutions within the Middle East, attracting interest from both crypto-native and traditional financial institutions.
A Ripple spokesperson confirmed the firm’s commitment to understanding stablecoin regulations set to be introduced by the Central Bank of the UAE and stated that they are collaborating with the bank to get a clearer understanding of the requirements and timelines for such regulations. They further emphasized their priority in ensuring the global accessibility of RLUSD, which is currently available in the UAE through a cryptocurrency exchange named CoinMENA.
With this DFSA approval, Ripple transcends as the first blockchain-enabled payments provider within the DIFC. DIFC CEO Arif Amiri expressed enthusiasm over Ripple’s commitment to Dubai and recognized the extraordinary opportunities this license will provide for Ripple within the UAE and the broader MENA region.
In conclusion, Ripple’s acquisition of the DFSA license positions it as a pioneering crypto payment service provider in Dubai, allowing it to offer essential blockchain-based payment solutions. With a focus on understanding stablecoin regulation, Ripple is well-poised to meet the increasing demand for digital asset services from both traditional and innovative financial entities in the UAE. This strategic move not only enhances Ripple’s operational capabilities but also reinforces Dubai’s reputation as a hub for cryptocurrency innovation.
Original Source: www.tradingview.com
