Blockchain payment provider Ripple has received full regulation approval from the Dubai Financial Services Authority (DFSA) to offer cross-border payment services to the United Arab Emirates (UAE).
The company on March 13 announced that it secured the DFSA’s license, which allowed it to operate at the Dubai International Financial Center (DIFC), a UAE free-economic zone with its own tax policies and regulatory framework.
Announcement came nearly six months after the company announced receiving a in-principle approval of the DFSA license. On October 1, 2024, Ripple announced that it was working to be licensed by the DFSA as it aims to release the infrastructure of its digital asset to the UAE.
Enabling global blockchain -based payments for UAE businesses
With this license, Ripple can now provide global blockchain -based payment -based global solutions to businesses throughout the UAE. The company said it allowed to serve financial institutions looking for partners to help them use digital assets in real-world applications.
In a news release sent to Cointelegraph, Ripple CEO Brad Garlinghouse said the UAE was “well placed” to benefit from tech and crypto change, thanks to early leadership and environmental support:
“We are entering an unprecedented period of growth for the crypto industry, which is encouraged by greater regulation of regulation around the world and increasing institutional adoption.”
Ripple also reported that it saw the increase in demand throughout the Middle East for cross-border payments. The company said the demand was not limited to crypto-native companies but also came from traditional financial institutions.
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Ripple became the first crypto payment provider to DIFC
With the DFSA approval, the Ripple became the first payment provider paid by the blockchain to operate within the free DIFC zone, according to DIFC CEO Arif Amiri.
“We are thrilled that Ripple deepens their commitment to Dubai by securing a DFSA license that makes them the first payment provider enabled by the blockchain to the DIFC,” he said.
The license allows the ripple to tap on the UAE opportunities and the wider MENA region, he added.
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