Ripple has secured a DFSA license to offer cross-border crypto payment services in the UAE. This allows Ripple to operate in the Dubai International Financial Center, enabling it to cater to both traditional and crypto-native financial institutions. The company is monitoring stablecoin regulations and aims to enhance its digital asset infrastructure in the region.
Ripple has achieved regulatory approval from the Dubai Financial Services Authority (DFSA) for cross-border crypto payment services in the UAE. The approval, announced on March 13, allows Ripple to operate within the Dubai International Financial Center (DIFC), a special economic area characterized by its unique tax and regulatory policies. This announcement follows an in-principle approval earlier last year, as Ripple worked towards establishing its digital asset infrastructure in the region.
The DFSA license enables Ripple to deliver its global blockchain payment solutions to UAE businesses, particularly financial institutions that seek to integrate digital assets into their operations. CEO Brad Garlinghouse emphasized the UAE’s advantageous position for technology and cryptocurrency innovation due to its supportive environment. Additionally, Ripple noted a rising demand for cross-border payment solutions in the Middle East, not limited to crypto-focused entities but extending to traditional banks as well.
Ripple is also paying attention to the evolving landscape of stablecoin regulations in the UAE. A company representative indicated that they are closely observing upcoming regulations from the Central Bank of the UAE (CBUAE) regarding stablecoins and are working collaboratively to understand the necessary compliance obligations. They highlighted the global availability of Ripple’s stablecoin, RLUSD, which can currently be traded in the UAE via CoinMENA.
With this DFSA license, Ripple is now the first blockchain-enabled payment service provider within the DIFC, marking a significant milestone in their commitment to Dubai. According to DIFC CEO Arif Amiri, this approval opens up new avenues for Ripple in the UAE and the broader Middle East and North Africa (MENA) region, encouraging further growth in the crypto payments sector.
Ripple’s acquisition of the DFSA license allows it to provide blockchain-based payment services in the UAE, targeting both crypto-native firms and traditional banks. The firm is actively monitoring stablecoin regulations to ensure compliance with the CBUAE. As the first blockchain-enabled payment provider in DIFC, Ripple is set to expand its presence and influence in the MENA region’s financial landscape.
Original Source: www.tradingview.com
