Ripple Receives Approval from the Dubai Financial Services Authority (DFSA)

Ripple, the leader in enterprise blockchain and crypto solutions, has received approval from the Dubai Financial Services Authority (DFSA)

DUBAI, United Arab Emirates–(BUSINESS WIRE)–Completing a significant milestone in its global expansion plans, Ripple (NYSE:COIN) has received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments and services in the Dubai International Finance Centre (DIFC).

This marks the first time a blockchain-enabled payments provider has been licensed by the DFSA, highlighting the DIFC’s commitment to fostering innovation in the financial services industry. It also paves the way for Ripple’s seamless compliance-first global payments product to become available for businesses in the UAE.

“We are thrilled to see Ripple expanding their operations in DIFC with a DFSA license, making them the first blockchain-enabled payments provider in the Centre to be granted this authorization,” said His Excellency Arif Amiri, Chief Executive Officer of DIFC Authority. “This achievement is a testament to our unwavering commitment to nurturing groundbreaking technologies and solutions that will shape the future of finance. As the Middle East, Africa and South Asia’s leading global financial centre, we are proud to support forward-thinking companies like Ripple as they navigate the evolving regulatory landscape and introduce groundbreaking technologies to new markets.”

The UAE is a global hub for outbound finance, with a $400bn+ market for international trade. However, existing cross-border payments systems are still largely limited by high fees, long settlement times and a lack of transparency, presenting ongoing challenges for financial institutions operating in multiple markets.

As a result, there is a growing demand among both crypto-native firms and traditional financial institutions for solutions that can streamline and optimize cross-border transactions. According to a 2024 business survey carried out by Ripple, 64% of Middle East and Africa (MEA) finance leaders see faster payments and settlement times as the biggest value proposition for incorporating blockchain-based currencies into their cross-border payments business, highlighting the clear demand for solutions that can drive tangible improvements in efficiency and speed.

“This license is a testament to Ripple’s dedication to navigating the evolving regulatory landscape and forging strong relationships with key stakeholders in the Mena region and beyond,” said Brad Garlinghouse, Chief Executive Officer of Ripple. “We are proud to be expanding our footprint in the UAE, a global hub for commerce and financial innovation.”

Since establishing its Middle East headquarters in DIFC in 2020, Ripple has continued to deepen its presence in the Gulf. Having already clocked up around 20% of its global customer base operating in the Middle East, this latest regulatory approval positions Ripple to further accelerate growth and innovation in a high-potential market. In fact, according to a 2024 survey by Ripple of 150 senior finance leaders in the Middle East and Africa, the MEA region has one of highest levels of institutional readiness when it comes to crypto adoption, with over 82% of MEA finance leaders stating they are “very or extremely confident” when it comes to integrating blockchain solutions into their business.

“We've seen a significant increase in demand for blockchain-based solutions among financial institutions in the Middle East, as institutions are actively seeking to introduce new technologies and stay ahead of the curve in the competitive financial landscape,” said Reece Merrick, Ripple’s Managing Director for Middle East and Africa. “This new DFSA license is a testament to Ripple's commitment to working closely with regulators and fostering collaboration within the industry.”

Payments utility is also expected to drive greater stablecoin adoption in the UAE. Offering real time settlement compared to traditional banking systems, which often take days to process, stablecoins are presenting a compelling alternative that could accelerate the shift towards faster and more efficient payment rails.

Launched at the end of December on global exchanges, Ripple’s own RLUSD stablecoin has already surpassed $130m in market cap and is attracting interest from a broad range of market participants, further demonstrating the growing demand for and interest in scalable and compliant stablecoin solutions.

Ripple’s DFSA license adds to its growing list of over 60 regulatory approvals worldwide, including a Major Payments Institution license from the Monetary Authority of Singapore (MAS), a New York Department of Financial Services (NYDFS) Trust Charter, a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, and Money Transmitter Licenses (MTLs) across multiple U.S. states.

As Ripple continues to work closely with regulators and policymakers worldwide, this latest milestone further strengthens its mission to bring the benefits of compliant blockchain technology to financial services companies and their customers globally.

About Ripple

Ripple is the leading provider of digital asset infrastructure for financial institutions—delivering simple, compliant, reliable software that unlocks efficiencies, reduces friction, and enhances innovation in global finance. Ripple’s solutions leverage the XRP Ledger and its native digital asset, XRP, which was purpose-built to enable fast, low-cost, highly scalable transactions across developer and financial use cases. With a proven track record working with regulators and policymakers around the world, Ripple’s payments