Ripple has received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments and services in the Dubai International Financial Centre (DIFC).
This marks Ripple’s first license in the Middle East and reflects its focus on regulatory compliance.
The approval enables businesses in the UAE to use Ripple’s blockchain-based payments system.
Brad Garlinghouse, Ripple’s CEO, said,
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity 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.”
Dubai is a major financial hub, with over $400 billion in international trade. Ripple reports increasing demand in the region from both crypto firms and traditional financial institutions seeking more efficient cross-border payment solutions.
A 2024 survey by Ripple found that 64% of finance leaders in the Middle East and Africa see faster settlement times as the key benefit of blockchain-based payments.
Arif Amiri, CEO of DIFC Authority, commented,
“This milestone highlights our commitment to fostering innovation and opens new growth opportunities for Ripple across the region. DIFC is proud to support companies that are shaping the future of finance.”
Ripple has operated its Middle East headquarters in DIFC since 2020, with around 20% of its global customer base in the region.
The company states that 82% of finance leaders in the Middle East and Africa are confident in integrating blockchain solutions.
Ripple’s stablecoin, RLUSD, launched in December, has surpassed a US$130 million market cap.
The company expects stablecoin adoption in the UAE to grow, driven by demand for real-time settlement.
The DFSA license adds to Ripple’s 60+ regulatory approvals worldwide, including a Major Payments Institution license in Singapore, a New York Trust Charter, a Virtual Asset Service Provider registration in Ireland, and multiple U.S. Money Transmitter Licenses.
Featured image credit: Ripple
