Ripple Gains Regulatory Approval from Dubai's DFSA to Offer Crypto Payment Services

With this license in hand, Ripple can now provide regulated crypto payment solutions to businesses across the UAE, solidifying its reputation as a trusted financial technology provider

Global financial technology company Ripple has secured regulatory approval from Dubai’s DFSA to offer crypto payment services in the Dubai International Financial Centre (DIFC). The license will enable Ripple to provide regulated crypto payment solutions to businesses in the UAE.

With this approval, Ripple continues to expand its global footprint and solidify its reputation as a trusted financial technology provider that meets stringent compliance requirements around the world.

Institutions Are Pivoting to Blockchain Tech For Speed and Efficiency

A recent business leaders’ survey conducted by Ripple found that 64% of financial leaders in the Middle East and Africa cite speed and efficiency as a top priority for cross-border payments.

“Regulatory clarity is crucial for fuelling industry growth. Countries like the UAE, which encourage an open and inclusive regulatory environment for financial institutions and technology companies, are well-positioned to reap the benefits of blockchain advancements,” said Brad Garlinghouse, CEO of Ripple.

“This DFSA license not only validates Ripple’s technology but also accelerates our expansion in high-potential markets like the UAE.”

Since establishing its Middle East headquarters in DIFC in 2020, Ripple has significantly expanded its operations in the region. Roughly 20% of Ripple’s global customer base is already active in the Middle East.

“Obtaining the DFSA license is a testament to our commitment to operating in accordance with the highest regulatory standards and meeting the evolving needs of the financial services industry in the Middle East,” said Reece Merrick, Managing Director of Ripple’s Middle East and Africa operations.

“We are seeing a pressing demand for more efficient cross-border payment solutions in the region, and we are well-positioned with our blockchain technology and global regulatory approvals to serve this need.”

The UAE is rolling out initiatives to foster fintech innovation, leading to the adoption of stablecoins, which offer real-time settlements compared to conventional banking systems that can take days.

Ripple launched its own stablecoin, RLUSD, in December, and it has already achieved a market capitalization of over $130 million.

The new DFSA license adds to Ripple’s growing list of over 60 regulatory approvals worldwide. These include licenses from the Monetary Authority of Singapore, the New York Department of Financial Services, and multiple U.S. states.