Ripple has reached an important regulatory step by obtaining a license from the Dubai Financial Services Authority (DFSA), which makes it the leading supplier of the blockchain to receive such approval.
The announcement of March 13 follows an initial authorization in principle, opening the way to the company to extend its services in the region.
Reece Merrick, director general of Ripple for the Middle East and Africa, stressed that the approval of the DFSA is essential.
He noted that the license allows Ripple to meet the growing demand for transparent, profitable and transparent payment solutions in a critical region of trade and sending of global funds.
This development adds to the Ripple expansion of expansion imprint. The company now holds more than 60 licenses around the world, including a major license to pay the monetary authority of Singapore (MAS), a trust charter from the New York Department of Financial Services (NYDFS), the registration of virtual asset services (VASP) of the Irish Central Bank and several licenses of transmission of funds (MTLS) through the United States of the United States, and several monetary (MTLS) across the United States of States
Why water?
This marks the first full regulatory license of Ripple in the Middle East, highlighting its strategic emphasis on compliance and financial innovation.
Water is a key player in global finance and, according to the World Bank data, its cross -border payments market is estimated at around 40 billion dollars.
Ripple noted that the demand for effective international transactions continues to increase while digital asset companies and traditional financial institutions are looking for alternatives to exceeded payment infrastructure.
Given this, Ripple’s approval to water would allow companies in the region to use its business quality payment solutions, which are designed to improve transaction speed, reduce costs and improve transparency.
Since the establishment of its regional head office at the Dubai International Financial Center (DIFC) in 2020, Ripple has strengthened its presence in the Middle East.
The region already representing 20% of its global customers, the new license positions the company for more in -depth growth in one of the most active financial corridors in the world.
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