Ripple Secures License to Offer Crypto Payments in the Middle East

The Dubai Financial Services Authority (DFSA) has greenlit Ripple to offer regulated crypto payments and services within the Dubai International Finance Centre (DIFC).

Crypto payment firm Ripple has secured a major license in the Middle East.

The Dubai Financial Services Authority (DFSA) has greenlit Ripple to offer regulated crypto payments and services within the Dubai International Finance Centre (DIFC).

This makes Ripple the first blockchain-enabled payments provider to receive this crucial DFSA license.

บริษัทริปเปิลได้รับใบอนุญาตจากธนาคารนโยบายการเงินแห่งสหรัฐในช่วงต้นปี 2567

ริปเปิลกำลังขยายขอบเขตธุรกิจในเอเชียอย่างไม่หยุดยั้ง โดยมีเป้าหมายเพื่อเพิ่มพลังให้กับธุรกิจในปี 2567

ริปเปิลได้รับใบอนุญาตจากธนาคารนโยบายการเงินแห่งสหรัฐ (DFSA) แล้ว บริษัทจึงเป็นบริษัทแรกที่ได้รับใบอนุญาตในDIFC

The company is also planning to expand in Japan.

Announcing the news, Ripple said: “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.

“Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”

A 2024 survey by Ripple found that 64% of finance leaders in the Middle East and Africa (MEA) see faster payments as the “killer app” for blockchain-based currencies.

Little wonder, then, that over 82% of MEA finance bosses are “very or extremely confident” about integrating this tech into their operations.

“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” said Reece Merrick, managing director, Middle East and Africa at Ripple.

“Securing this DFSA license is a major milestone that will enable us to better serve the growing demand for faster, cheaper and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs.”

This license bodes well for Ripple’s stablecoin, which the company launched in November 2024.

Like other stablecoins, RLUSD could massively boost crypto adoption in the UAE, as users gain access to real-time settlement for cross-border payments and remittances.