Ripple Obtains DFSA Authorization for Regulated Crypto Payment Services in DIFC
Ripple, a leading blockchain-based payments provider, has secured regulatory approval from the Dubai Financial Services Authority (DFSA) to operate in the Dubai International Financial Centre (DIFC). This development further solidifies Ripple's position as a trusted partner in the financial sector and reinforces its status as a leader in enterprise blockchain and crypto solutions.
The approval marks a significant milestone for Ripple, making it the first blockchain-enabled payments provider to be licensed by the DFSA. This move is expected to facilitate Ripple's technology in addressing inefficiencies in traditional cross-border payments in the UAE, such as high fees, slow settlement times, and lack of transparency.
The DFSA license will enable businesses in the UAE to leverage digital assets for cross-border transactions, contributing to the growing financial market in the UAE, which exceeds $400 billion in international trade. Dubai, known as a global financial hub, has been at the forefront of embracing stablecoins and blockchain solutions, positioning Ripple to drive digital asset adoption and innovation in the region.
Ripple's regional presence in the UAE has been strengthened with the DFSA license. Since 2020, the company has established its Middle East headquarters in DIFC and expanded its regional presence, with 20% of its global customer base operating in the MEA. This approval is significant for Ripple's commitment to regulatory compliance and financial innovation in the Middle East.
In a statement, Ripple CEO Brad Garlinghouse commented on the development, praising the forward-thinking approach of the DFSA and the DIFC Authority. His Excellency Arif Amiri, CEO of DIFC Authority, also welcomed Ripple's licensing, expressing his confidence in the company's ability to contribute to the growth and development of the financial sector in Dubai.
A 2024 survey by Ripple found that 64% of finance leaders in the Middle East and Africa see faster payments and settlements as the primary benefit of blockchain adoption. This approval underscores Ripple's technology's potential to revolutionise the financial landscape in the region, offering faster, more efficient, and transparent cross-border payments solutions.
With this latest regulatory approval, Ripple adds to its 60+ global regulatory approvals, further solidifying its position as a trusted partner in the financial sector. The company's global customer base in the MEA is a significant part of its operations, and this approval is expected to bolster its operations in the region. The DFSA license is a testament to Ripple's commitment to regulatory compliance and financial innovation in the Middle East, positioning the company to contribute to the growing financial market in the UAE and beyond.
