Blockchain-based payments provider Ripple has received regulatory approval from the Dubai Financial Services Authority (DFSA), becoming the first company of its kind to be licensed in the Dubai International Financial Center (DIFC).
The U.S.-based firm will now be able to offer fully regulated cross-border crypto payments in the United Arab Emirates (UAE), which boasts a $40 billion remittance market.
The DFSA license marks Ripple’s first regulatory approval in the Middle East. The company has been steadily increasing its footprint in the region since setting up an office in Dubai’s special economic zone in 2020.
Currently, nearly 20% of its global customers are based in the Middle East, and its entry into this market is meant to address long-standing inefficiencies such as high fees, slow settlement times, and lack of transparency. According to a 2024 Ripple survey, 64% of players in the financial industry in Africa and the Middle East see blockchain-based currencies as key to improving payment speeds.
Reacting to the approval, Ripple CEO Brad Garlinghouse stressed the importance of regulatory transparency in driving growth in the digital asset space.
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” he said.
The company now has a portfolio of over 60 approvals across the globe. These include licenses from the Monetary Authority of Singapore (MAS), New York’s Department of Financial Services (NYDFS), as well as Ireland’s Central Bank.
Meanwhile, XRP, Ripple’s native cryptocurrency, is experiencing notable market fluctuations. Off the back of the UAE announcement, its price went up 3% to $2.23, having oscillated between $2.14 and $2.26 in the last 24 hours.
Despite the short-term gains, the token has recorded an 11.8% decline over the past week, underperforming the broader crypto market, which is down 8.9%. However, it remains up nearly 219% year-over-year at a time when other major cryptocurrencies like Ethereum (ETH), Solana (SOL), and Cardano (ADA) are in the red in that period.
Elsewhere, it could be more good news for the crypto company regarding its prolonged lawsuit with the U.S. Securities and Exchange Commission (SEC). Some legal experts have suggested the case could soon come to an end, with Fred Rispoli hinting at a settlement between Ripple and the regulator before the former’s appellate brief filing deadline in April.
The post Ripple Secures DFSA License to Offer Regulated Crypto Payments in UAE appeared first on BitcoinLinux.
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