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Ripple Secures First License in Dubai: Crypto Services to Become More Accessible

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by Giorgi Kostiuk

a day ago

Ripple has become the first blockchain-enabled company to secure a license to provide crypto services in Dubai. This new achievement can drive the growth of the legal cryptocurrency industry in the region.

DFSA License for Ripple

Ripple has received approval from the Dubai Financial Services Authority (DFSA) to operate in the Dubai International Financial Centre (DIFC), making it the first blockchain-enabled payments provider licensed by the DFSA.

Strategic Significance for the Region

This approval coincides with news of Ripple's native token XRP being included in the U.S. strategic coin reserve. Obtaining the license marks a significant step for Ripple in advancing cryptocurrencies in the region.

We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption. Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.Brad Garlinghouse, CEO of Ripple

Benefits for the Middle East

Ripple aims to offer innovative solutions to countries in the Middle East by addressing the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency.

We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC.Arif Amiri, CEO of DIFC

Ripple's acquisition of a license in Dubai could play a crucial role in further promoting cryptocurrency technologies and strengthening the company's position in the global market.

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