Ripple, a supplier of blockchain and cryptocurrency solutions based in the United States, obtained authorization from the Dubai Financial Services Authority (DFSA) to operate regulated digital payment services within the Dubai International Financial Center (DIFC).
This regulatory approval makes Ripple the first company using blockchain technology for payments to be authorized as part of the DFSA.
The license marks the initial regulatory approval of Ripple in the Middle East, allowing the company to introduce its payment system based on blockchain to companies operating to water. Approval strengthens Ripple’s position among financial institutions exploring digital assets for transactional purposes while aligning the regulatory requirements on global markets.
According to Ripple, the United Arab Emirates serve as a financial hub, international trade exceeding $ 400 billion. Financial institutions and cryptocurrency companies in the region have increasingly sought solutions fueled by blockchain to combat the ineffectiveness of cross-border transactions, which are often associated with high costs, slow treatment and limited transparency.
The results of a survey in 2024 conducted by Ripple indicate that 64% of financial leaders in the Middle East and Africa (MEA) consider the speed and efficiency of blockchain-based transactions as the main advantage of cross-border payments.
The CEO of Ripple, Brad Garlinghouse, said: “We are entering an unprecedented period of growth for the cryptographic industry, driven by greater regulatory clarity in the world and an increasing institutional adoption.
“Thanks to its early leadership in the creation of an environment of support for technological and cryptographic innovation, water is exceptionally well placed for the benefit.”
Ripple has established its regional head office in DIFC in 2020 and has since expanded its commercial operations through the Middle East. About one fifth of the global business customers is located in this region.
Thanks to this regulatory approval, Ripple plans to develop its services on a market which has demonstrated a high level of institutional engagement with blockchain technology.
The company said that the growing application of blockchain technology in payments should stimulate the adoption of water. Real -time transaction regulations provide an alternative to traditional banking mechanisms, which generally require several days for treatment.
Ripple’s Rusd Stablecoin, launched on international exchanges in December 2024, would have reached a market capitalization of more than $ 130 million.
The DFSA license is added to the existing regulatory approvals of Ripple in several jurisdictions. The Company obtained a major license from the Singapore authority institution of the monetary authority of Singapore (Mas), a trust charter from the New York Department of Financial Services (NYDFS), a virtual asset service recording (VASP) with the central bank of Ireland and licenses of multiple transmitter transmitter (MTLS) in the United States.
