Ripple, a global leader in enterprise blockchain and crypto solutions, has received regulatory approval from the Dubai Financial Services Authority (DFSA) to provide crypto payments and services in the Dubai International Financial Centre (DIFC).
This milestone makes Ripple the first blockchain-enabled payments provider licensed by the DFSA, reinforcing its commitment to regulatory compliance and financial innovation in the Middle East.
The approval enhances Ripple’s compliance-first global payments product, enabling businesses in the UAE to leverage digital assets for cross-border transactions. Commenting on the development, Ripple CEO Brad Garlinghouse stated,
"We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity and institutional adoption. The UAE's forward-thinking regulatory framework makes it an ideal hub for fintech and crypto innovation."
Dubai has emerged as a global financial hub, with its international trade market exceeding $400 billion. Ripple’s technology addresses inefficiencies in traditional cross-border payments, such as high fees, slow settlement times, and lack of transparency. A 2024 survey by Ripple found that 64% of finance leaders in the Middle East and Africa (MEA) see faster payments and settlements as the primary benefit of blockchain adoption.
His Excellency Arif Amiri, CEO of DIFC Authority, welcomed Ripple’s licensing, stating,
“This milestone highlights DIFC’s commitment to fostering innovation and enables Ripple to explore new growth opportunities across the region. We support forward-thinking companies like Ripple as they accelerate blockchain adoption in the payments industry.”
Since establishing its Middle East headquarters in DIFC in 2020, Ripple has expanded its regional presence, with 20% of its global customer base operating in the MEA. The DFSA license adds to Ripple’s 60+ global regulatory approvals, further solidifying its position as a trusted partner in the financial sector. With the UAE embracing stablecoins and blockchain solutions, Ripple is poised to drive digital asset adoption and innovation in the region.
News Source: Dubai Media Office
