Ripple has received DFSA approval to provide cross-border crypto payments in the UAE, allowing it to operate in Dubai International Financial Center. This license enhances Ripple’s ability to serve businesses and financial institutions in the region, positioning it as the first blockchain-enabled payments provider in DIFC.
Ripple has successfully obtained full regulatory approval from the Dubai Financial Services Authority (DFSA) to offer cross-border crypto payment services in the United Arab Emirates (UAE). Announced on March 13, the approval allows Ripple to operate within the Dubai International Financial Center (DIFC), a free-economic zone with specific tax policies and regulations. This development follows the initial in-principle approval received six months prior, reflecting Ripple’s ongoing efforts to establish its digital asset presence in the UAE as of October 2024.
With its DFSA license, Ripple can deliver blockchain-based payment solutions to businesses across the UAE. This move aims to assist financial institutions in leveraging digital assets for practical applications. Ripple’s CEO, Brad Garlinghouse, emphasized the UAE’s advantageous position for tech and crypto innovation, citing its supportive environment and proactive regulatory framework. He remarked on the industry’s anticipated growth due to improved regulatory clarity and rising institutional involvement.
The demand for cross-border payment solutions in the Middle East has increased, with Ripple noting interest from both crypto-focused and traditional financial institutions. This growth underscores the evolving landscape of crypto transactions in the region.
By securing DFSA approval, Ripple has emerged as the inaugural blockchain-enabled payments provider within the DIFC’s free zone, according to DIFC CEO Arif Amiri. He expressed enthusiasm about Ripple’s commitment to Dubai and acknowledged the new license opening various opportunities in the UAE and the broader MENA region.
Ripple’s acquisition of the DFSA license marks a significant step in enhancing crypto payment solutions in the UAE. The approval enables Ripple to provide its services within a conducive regulatory environment, as it caters to both traditional and digital financial sectors. As a pioneering blockchain payments provider in the DIFC, Ripple is poised to leverage opportunities for growth in the Middle Eastern market, further solidifying the UAE’s position as a crypto innovation leader.
Original Source: cointelegraph.com
