Ripple has received approval in principle from the Dubai Financial Services Authority to power cross-border payment solutions in the Middle East.
Ripple is expanding its international presence by receiving in-principle approval from Dubai Financial Services Authority to expand operations from Dubai International Financial Center.
We are pleased to have secured in-principle approval for our financial services license from the Dubai Financial Services Authority, unlocking end-to-end managed payments services in the UAE. ππ¦πͺ https://t.co/4zq8YPlgaG
β Ripple (@Ripple) October 1, 2024
The latest milestone allows Ripple to launch its Ripple Payments Direct service in the United Arab Emirates, facilitating seamless cross-border payments, Ripple said in a blog announcement on October 1. With the DFSA’s approval, Ripple plans to expand its enterprise-grade digital asset infrastructure to a “broader customer base in the UAE.”
βWith a forward-thinking regulatory approach and clear guidance for innovative companies looking to invest and expand, the UAE is positioning itself as a global leader in this new era of financial technology.β
Brad Garlinghouse, Ripple CEO
The approval from the DFSA comes as part of Ripple’s broader strategy to work with regulators around the world to integrate blockchain into existing financial frameworks. In addition to Dubai, Ripple holds more than 55 licenses around the world, including the Monetary Authority of Singapore and the New York Financial Services Authority.
Reece Merrick, Ripple’s managing director in the Middle East and Africa, noted that more than 20% of Ripple’s global customer base is in the UAE, and noted that the UAE is poised to become a global cryptocurrency and fintech hub. He expressed his enthusiasm for supporting the ambition. However, despite the latest developments, (XRP) price has fallen by 3.3% and is trading at $0.62 at the time of writing.