United Arab Emirates (UAE) is now home to Ripple’s latest regulatory milestone, as the blockchain payment provider secures full approval from the Dubai Financial Services Authority (DFSA) to offer cross-border crypto payment services.
Ripple will operate within the Dubai International Financial Centre (DIFC), a leading free-economic zone with its own tax and regulatory framework, according to an announcement on Thursday.
Ripple becomes first licensed blockchain payments provider in DIFC
This approval marks the U.S.-based digital payments company as the first blockchain-enabled payments provider licensed in the DIFC, according to DIFC CEO Arif Amiri.
“We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license,” Amiri said, noting the significance of this move for the region’s financial ecosystem.
Ripple’s CEO, Brad Garlinghouse, emphasised the UAE’s leadership in promoting tech and crypto innovation, calling it “exceptionally well-placed to benefit” from the growing crypto industry.
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity and increasing institutional adoption,” Garlinghouse added.
The licence means Ripple will provide blockchain-based global payment solutions to UAE businesses catering to crypto-native firms and traditional financial institutions.
The company has reported rising demand for cross-border payments in the Middle East, with around 20 percent of its global customer base already located in the region.
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Ripple prepares for UAE regulations
Also, Ripple is preparing for upcoming stablecoin regulations in the UAE. A spokesperson told Cointelegraph that the company is closely monitoring the Central Bank of the UAE’s (CBUAE) moves and working to ensure compliance.
“We are making it a priority to ensure the worldwide availability of RLUSD,” the spokesperson noted, referring to Ripple’s stablecoin, which is already accessible in the UAE through the crypto exchange CoinMENA.
This achievement follows Ripple’s in-principle approval from the DFSA in October 2024 and builds on its 2020 establishment of a Middle East headquarters in the DIFC.
With over 60 regulatory licenses globally, Ripple continues expanding its footprint, solidifying its role as a key player in crypto payments.