Ripple has become the first blockchain-powered payments provider to receive DFSA approval to operate in the Dubai International Financial Centre (DIFC), marking a significant expansion in its UAE presence.
Ripple's Regulatory Approval in the UAE
Ripple has secured licensing from the Dubai Financial Services Authority (DFSA) to offer crypto payment services in DIFC, becoming the first blockchain payments provider licensed in the region.
Ripple’s Role in Addressing Cross-Border Payment Issues
Ripple's blockchain technology is gaining traction as an effective alternative to conventional banking systems, especially for cross-border payments. A recent Ripple survey indicated that 64% of finance leaders in the MEA region view faster settlements as a benefit of blockchain-based payments.
Ripple’s Regulatory Success Beyond Dubai
Ripple's regulatory progress extends beyond Dubai, with approvals from significant financial authorities such as Singapore's Monetary Authority and the New York Department of Financial Services. This strengthens Ripple’s position to offer stablecoin services like RLUSD.
With DFSA’s approval, Ripple enhances its presence in the Middle East, meeting the increasing demand for blockchain solutions.
