Ripple receives Payment License in Dubai
Ripple received complete regulatory approval from the Dubai Financial Services Authority (DFSA) to provide payment solutions powered by blockchain technology.
Ripple became the first payments company authorized to conduct business in the Dubai International Financial Centre (DIFC), marking significant growth in the Middle East.
The company can now access the $40 billion cross-border payments market in the United Arab Emirates thanks to the DFSA license.
As stated in the announcement on Thursday, “The UAE is exceptionally well-positioned to benefit due to its early leadership in establishing a supportive environment for tech and crypto innovation,” said Brad Garlinghouse, CEO of Ripple.
This latest approval comes after Ripple was granted an in-principle DFSA license in October 2024, which enabled the company to begin providing its services in the DIFC, a crucial financial zone for multinational corporations.
The U.S.-based crypto firm expanded its Middle East presence since establishing its headquarters in the DIFC in 2020, with the Middle East now accounting for nearly 20% of its global clientele.
the company achieved a significant milestone that enables licensed businesses in the DIFC to integrate cryptocurrency into their offerings by obtaining DFSA approval for XRP in November 2023,
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