Ripple Labs Secures DFSA Approval to Offer Regulated Crypto Payments in Dubai

Ripple has secured approval from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payments in the Dubai International Finance Centre (DIFC). This makes Ripple the first blockchain-powered payments provider licensed by the DFSA, marking a major step in its expansion into the Middle East.

Crypto payment provider Ripple has secured approval from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payments in the Dubai International Finance Centre (DIFC). This makes Ripple the first blockchain-powered payments provider licensed by the DFSA.

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Visualize a seamless tapestry of cross-border payments, woven with the threads of speed, affordability, and transparency. In the heart of this financial masterpiece lies Ripple, a company renowned for its groundbreaking role in revolutionizing international transactions. Now, as the company's crypto wings begin to expand in the crypto-friendly nation of Dubai, it is poised to whisk customers away to new realms of payment possibilities.

Announced on Monday, the news confirms that the DFSA has granted Ripple a license to operate in DIFC, a major financial hub with its own regulatory framework. This follows in-principle approval, which was granted in October as part of Ripple's push to expand digital asset services in the United Arab Emirates.

"We are thrilled to be the first blockchain-based payments provider to be licensed by the DFSA," said Brad Garlinghouse, CEO of Ripple. "This is a significant step in our global expansion plans and will enable us to serve customers in the Middle East with innovative and efficient payment solutions."

Dubai's role as a global hub for cross-border payments, with a market valued at $40 billion, makes this partnership particularly noteworthy. With Ripple's entry, businesses can now access faster, cheaper, and more transparent payment solutions powered by blockchain technology.

"With its pro-crypto rules and regulations, Dubai is quickly becoming a preferred hub for major crypto companies to expand their operations," noted an analyst at TokenInsight.

This news comes amid a broader trend of institutions showing interest in crypto products and services. As the industry continues to mature, we can expect to see even more major companies entering the crypto space.

In other news, Bitcoin has hit a 10-week high as the cryptocurrency market continues to rally. Bitcoin is now trading at over $71,000, up more than 150% for the year. The rally has been driven by a number of factors, including the macro environment, which has become more favorable for risk assets, and the anticipation of a U.S. spot Bitcoin ETF.

The crypto industry is also showing signs of recovery after a tumultuous period. A recent report by TokenInsight revealed that the total value of tokens held by DeFi protocols has surpassed $80 billion for the first time since May 2022.

The crypto industry is constantly evolving, and there are many more exciting developments to come in the second half of 2024. Stay tuned for more updates.

The post Ripple Secures Key Approval For Crypto Payments In Dubai appeared first on TokenInsight.

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