title: Ripple Labs Receives Approval from the Dubai Financial Services Authority (DFSA) to Offer Regulated Cryptocurrency Payments

Ripple has received approval from the Dubai Financial Services Authority (DFSA). As a result of this approval, Ripple will offer regulated cryptocurrency payments and services in the Dubai International Financial Centre (DIFC).

Dubai Financial Services Authority (DFSA) has granted approval to Ripple to provide cryptocurrency payments and services in the Dubai International Financial Centre (DIFC).

This marks the first blockchain-powered payment provider license to be granted by the DFSA.

The approval is a significant milestone for Ripple as it advances its business operations in the Middle Eastern market.

The license empowers the company to offer efficient payment options at reduced costs for businesses operating within the UAE since Ripple's regional start in 2020.

Ripple enhances international money transfers through blockchain software to eliminate both banking system delays and exorbitant transaction fees.

“We are thrilled to receive this license from the DFSA,” said Brad Garlinghouse, CEO of Ripple.

“The cryptocurrency market has grown rapidly with both regulators and institutions getting more involved.

“The UAE is commended for its strong support towards blockchain and digital asset innovations.”

Arif Amiri, CEO of DIFC Authority, added: “We welcome Ripple's expansion initiative within the DIFC.

“This achievement showcases Dubai's leading role in financial technology with expanded possibilities for business growth.”

The company’s resources are channeled towards the integration of stablecoins for instant settlement functionality.

Ripple's introduction of the RLUSD stablecoin in December has already succeeded in reaching a market capitalization greater than $130 million.

The growing global financial sector reveals the rising demand for digital assets.

This new license extends Ripple’s existing regulatory approvals, which accompany Portugal as well as New York and Irish approvals.

With its authorization, Ripple can use its authorization to maintain service development along with helping institutions adopt blockchain-based payment solutions.

As the company continues to work with regulators worldwide, it aims to bring secure and efficient crypto solutions to businesses globally.