Ripple has received approval from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payment services within the Dubai International Financial Centre (DIFC). This approval marks a significant milestone, making Ripple the first blockchain-powered payments company licensed by the DFSA.
Expanding Ripple’s Reach in the UAE
According to Ripple’s March 13 press release, the license will enable businesses across the UAE to leverage Ripple’s crypto payment solutions, improving cross-border transactions by making them faster and more cost-effective.
Ripple has been operating in the UAE since 2020, with its regional headquarters in the DIFC. The Middle East remains a key market for Ripple, with 20% of its global customers based in the region. The UAE’s $400 billion trade sector presents a significant opportunity for blockchain-powered payment systems, with many finance leaders recognizing the advantages of blockchain technology.
Support for Blockchain Innovation in Dubai
Dubai’s commitment to financial innovation is reinforced by DIFC Authority CEO His Excellency Arif Amiri, who welcomed Ripple’s expansion, citing the UAE’s strong regulatory framework for fostering blockchain adoption.
Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, highlighted the importance of the DFSA license in supporting businesses seeking faster and more transparent payments. He also noted that Ripple expects greater adoption of stablecoins in the UAE for instant cross-border transactions.
“Securing this DFSA license 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.” – Reece Merrick, Managing Director, Ripple MENA
Ripple’s Growing Global Presence
As of March 13, Ripple has secured over 60 international licenses, including regulatory approvals in Singapore, Ireland, and multiple U.S. states. The company recently launched RLUSD, a stablecoin whose market capitalization has grown to over $130 million since December.
Ripple has also made notable advancements in payment infrastructure:
- The Bank of England is testing Ripple’s Interledger Protocol for faster cross-border transactions.
- Interest in XRP Exchange-Traded Funds (ETFs) is rising in the U.S., with asset managers like Bitwise, Grayscale, Franklin Templeton, and 21Shares filing ETF applications awaiting SEC approval.
With its new DFSA license, Ripple is well-positioned to expand its footprint in the UAE, bringing faster and more efficient payment solutions to businesses. As blockchain adoption grows, Ripple’s presence in Dubai signals broader institutional interest in crypto-powered financial services.
