Blockchain payment provider Ripple received full regulatory approval from the DFSA to offer cross-border crypto payment services in the UAE.
Ripple Expands Operations in UAE
The company announced on March 13 that it had secured its DFSA license, allowing it to operate in the Dubai International Financial Center (DIFC), a UAE free-economic zone with its own tax policies and regulatory framework. The announcement came almost six months after the company announced its receipt of an in-principle approval. On October 1, 2024, Ripple revealed that it was working to become licensed by the DFSA as it aimed to roll out its digital asset infrastructure in the UAE.
Opportunities for UAE Businesses
With this license, Ripple can now provide its global blockchain-based payment solutions to businesses across the UAE. The company said this allows it to cater to financial institutions looking for partners to help them use digital assets in real-world applications. According to Ripple CEO Brad Garlinghouse, the UAE is well-placed to benefit from tech and crypto innovation, thanks to its early leadership and supportive environment.
Ripple Becomes First Crypto Payment Provider in DIFC
With DFSA approval, Ripple has become the first blockchain-enabled payments provider to operate within DIFC’s free zone, according to DIFC CEO Arif Amiri. The license allows Ripple to tap into opportunities in the UAE and the broader MENA region.
With the DFSA license, Ripple expands its capabilities to offer services in the UAE, marking a growing interest in cryptocurrencies in the region.
