Ripple Secures DFSA License to Enhance Crypto Payments in the UAE
Ripple has secured a DFSA license to offer blockchain payments in the UAE, becoming the first provider in the Dubai International Financial Center (DIFC). This approval allows Ripple to cater to businesses and traditional financial institutions, amidst growing demand for cross-border payment services in the region.
Ripple, a blockchain payment provider, has successfully obtained full regulatory approval from the Dubai Financial Services Authority (DFSA) to offer cross-border cryptocurrency payment services within the United Arab Emirates (UAE). Announced on March 13, this licensing permits Ripple to operate in the Dubai International Financial Center (DIFC), a state-of-the-art free-economic zone with its own regulatory framework and tax policies.
This achievement follows an initial in-principle approval received in October 2023, when Ripple expressed its intentions to establish a licensed presence in the UAE and develop its digital asset infrastructure. With this license, Ripple is empowered to deliver its global blockchain-based payment solutions to businesses throughout the UAE, facilitating financial institutions in utilizing digital assets effectively in real-world applications.
Ripple’s CEO, Brad Garlinghouse, emphasized the UAE’s potential in the tech and cryptocurrency landscape, describing it as being “well-placed” for innovation due to its leadership and advantageous environment. He noted that the crypto industry is entering a period of unprecedented growth driven by regulatory clarity and greater institutional engagement. Notably, Ripple has observed a rising demand for cross-border payments, a trend noticeable not only among crypto-specific entities but also within traditional financial institutions.
As the first blockchain-enabled payment provider operating within the DIFC’s free zone, Ripple is set to explore various opportunities throughout the UAE and the broader MENA region. Arif Amiri, CEO of DIFC, expressed his enthusiasm about Ripple’s commitment to Dubai, reiterating that their DFSA license marks a significant milestone for blockchain payments in the area.
In conclusion, Ripple’s acquisition of the DFSA license marks a pivotal moment for cryptocurrency services in the UAE. By becoming the first blockchain payment provider in the DIFC, Ripple is poised to capitalize on the emerging demand for cross-border payment solutions in the region. Furthermore, the supportive regulatory environment in the UAE is conducive to innovation, positioning it as a leader in the crypto economy.
Original Source: cointelegraph.com
