- Ripple obtains a Dubai Financial Services Authority license for crypto payments.
- Company becomes the first blockchain-enabled payments provider approved in DIFC.
- The price of XRP shows minimal reaction despite the major regulatory milestone.
Payments giant Ripple has secured a crucial regulatory approval from the Dubai Financial Services Authority (DFSA). This move allows the company to provide regulated cryptocurrency payment services within the Dubai International Finance Centre (DIFC). This milestone makes Ripple the first blockchain-enabled payments provider to receive such a license from the DFSA.
Ripple CEO Brad Garlinghouse highlighted the importance of the regulatory approval in the context of the industry’s growth trajectory. Garlinghouse stated,
We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.
The UAE represents a major opportunity for Ripple, serving as a global hub for outbound finance, with international trade surpassing $400 billion. The company reports growing demand across the Middle East from both crypto-native businesses and traditional financial institutions seeking efficient cross-border payment solutions.
According to Ripple’s 2024 business survey, 64% of finance leaders in the Middle East and Africa view faster payments and settlement times as the primary value proposition for incorporating blockchain-based currencies. This aligns with Ripple’s core mission of streamlining international transactions.
His Excellency Arif Amiri, Chief Executive Officer of DIFC Authority, expressed enthusiasm about Ripple’s expanded commitment to Dubai. Amiri commented,
We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC.
Ripple established its Middle East headquarters in the DIFC in 2020. The company reports that approximately 20% of its global customer base already operates in the Middle East. The new regulatory approval positions Ripple to accelerate growth in what it describes as a high-potential market.
The company’s research shows strong institutional readiness for cryptocurrency adoption in the region. According to their analysis, over 82% of finance leaders in the Middle East and Africa stated they are ‘very or extremely confident’ about integrating blockchain solutions into their businesses.
Related: Ripple and SEC Near Settlement in XRP Lawsuit Dispute
The DFSA license adds to Ripple’s expanding regulatory portfolio. This now includes over 60 approvals worldwide. Among these are a major payments institution license from Singapore’s Monetary Authority, a New York Department of Financial Services Trust Charter, virtual asset service registration from Ireland’s Central Bank, and multiple money transmitter licenses across U.S. states.
Despite this significant regulatory milestone, XRP’s price has remained relatively flat. The cryptocurrency shows modest gains of 0.2% over the past 24 hours and 0.4% over the 14-day period.
