Ripple has secured in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its payment services from the Dubai International Financial Center (DIFC).
The firm is now the first blockchain-enabled payment services provider to be licensed by the DFSA
The UAE’s regulatory clarity and position as a global financial services hub played a crucial role in Ripple’s decision to continue investing in the region.
This regulatory milestone marks a significant step in Ripple’s global expansion, enabling it to introduce end-to-end cross-border payment services, including Ripple Payments Direct (RPD), within the UAE.
With this DFSA authorisation, Ripple will roll out its enterprise-grade digital asset infrastructure to a wider customer base in the UAE.
This expansion aligns with the digital asset services company’s mission to provide businesses with faster, cost-effective, and efficient cross-border payment solutions.
Ripple CEO, Brad Garlinghouse, said “Blockchain and crypto technologies are here to stay.
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“With its forward-thinking regulatory approach and clear guidance for innovative businesses, the UAE is positioning itself as a global leader in this new era of financial technology.”
Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority, commented on the news: “At DIFC, we are committed to fostering a future-focused financial ecosystem that supports innovation and growth.
“Dubai’s strategic location and DIFC’s robust legal and regulatory framework make this the ideal hub for international businesses looking to make a lasting impact.
“We are proud to welcome Ripple’s continued expansion in the DIFC as they work to drive the growth of blockchain technology in the region.”
Furthering its commitment to blockchain innovation, the company recently partnered with the DIFC Innovation Hub as part of its global 1B XRP Fund programme.
This partnership aims to strengthen digital asset innovation in the UAE by connecting developers with DIFC’s extensive innovation network of over 1,000 tech firms, digital labs, and venture capital entities.
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