Key Points:
- Ripple secures DFSA approval to offer blockchain payment services in Dubai.
- The approval enables Ripple to introduce Ripple Payments Direct across the UAE.
- Ripple’s CEO praised Dubai’s regulatory framework as a global fintech leader.
- Ripple’s regional presence has grown since 2020, with 20% of its customers in the UAE.
Ripple Receives Approval to Offer Blockchain Payment Services in Dubai
https://x.com/APRWATP/status/1841407028830564358
Ripple has obtained in-principle approval from the Dubai Financial Services Authority (DFSA) to provide blockchain-based payment services, marking a significant milestone for the company’s expansion in the Middle East. The approval allows Ripple to operate from the Dubai International Financial Centre (DIFC) and roll out its enterprise-grade infrastructure, including the Ripple Payments Direct (RPD) service, across the United Arab Emirates (UAE).
This regulatory clearance is a crucial step for Ripple as it looks to strengthen its position in the region. Ripple’s CEO, Brad Garlinghouse, commented on the announcement, stating, “Blockchain and crypto technologies are here to stay. The UAE’s forward-thinking regulatory environment makes it a global leader in fintech.” He highlighted Dubai’s proactive approach to fostering innovation, which has attracted numerous companies in the financial technology sector.
Strategic Growth in Dubai’s Fintech Hub
Ripple first established its regional headquarters in Dubai in 2020, and the company reports that over 20% of its global customer base is now located in the UAE, reflecting strong demand for its services in the region. The approval from the DFSA will allow Ripple to expand its cross-border payment solutions, enhancing financial infrastructure for businesses and consumers throughout the UAE.
Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority, praised Dubai’s strategic position and regulatory framework, which have made it an attractive hub for international fintech businesses. With two decades of experience, the DIFC has built a robust legal foundation that supports the growth of blockchain and digital payment solutions in the region.
Ripple’s move comes as part of a broader trend of financial technology firms seeking regulatory approval in Dubai. Other major players in the cryptocurrency space, including Crypto.com and Binance, have also gained approval from Dubai’s Virtual Assets Regulatory Authority (VARA) in recent years. Traditional financial institutions are not far behind, with companies like Standard Chartered’s SC Ventures also making inroads into Dubai’s crypto market.
With this approval, Ripple is poised to expand its services in the Middle East, positioning itself as a key player in the global shift towards blockchain-enabled financial systems.
