Ripple and OKX have secured significant licenses, opening up new opportunities in the United Arab Emirates (UAE) and the European Union (EU). Ripple has begun to offer blockchain-based payment solutions, while OKX has received the go-ahead to provide crypto derivatives.
Ripple Expands in the UAE
Ripple secured full regulatory approval from the Dubai Financial Services Authority (DFSA) to provide cross-border crypto payment services in the UAE, following its initial in-principle approval in October 2024. The new license allows Ripple to offer blockchain-based solutions across the UAE, targeting financial institutions looking to integrate digital assets. According to Ripple CEO Brad Garlinghouse, the UAE's forward-thinking regulatory environment supports technological innovation and the growth of digital asset companies.
OKX Secures EU License to Offer Crypto Derivatives
OKX has reached a major milestone in the EU by obtaining a license under the Markets in Financial Instruments Directive (MiFID II), enabling it to offer derivatives trading products to institutional investors. Crypto derivatives allow traders to speculate on price movements without owning the assets, a popular option as interest in digital assets grows among institutional investors.
Gemini Expands USD Support for European Institutions
Gemini, founded by Cameron and Tyler Winklevoss, is expanding its services for institutional clients in Europe through a partnership with Bank Frick. This feature allows for no-fee USD deposits and trading without currency conversion, simplifying transactions for clients in the UK, Switzerland, and elsewhere in Europe, highlighting growing interest in cryptocurrencies among institutional investors.
The licenses obtained by Ripple and OKX open new avenues in rapidly growing markets like the UAE and EU. Meanwhile, Gemini's collaboration with European financial institutions enhances its services, reflecting the increasing interest in cryptocurrencies among institutional investors.
