Ripple Gains Ground in the UAE with DFSA Approval
- Ripple received in-principle approval from the Dubai Financial Services Authority (DFSA) on October 1.
- This approval enables Ripple to extend its payment services throughout the UAE and enhance its footprint in the Middle East.
On October 1, Ripple shared the exciting news of a significant regulatory achievement in the United Arab Emirates. The Dubai Financial Services Authority (DFSA) has granted Ripple an in-principle approval, paving the way for the company to broaden its array of services in the UAE and the wider Middle Eastern market.
This regulatory nod allows Ripple to expand its operations beyond the Dubai International Financial Centre (DIFC) and to serve additional locations across the country.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, commented on the development, stating, “This is a pivotal moment for Ripple’s operations in the Middle East. The DFSA is recognized globally for its strict regulatory standards, and we are thrilled to attain their in-principle approval.”
With the UAE comprising over 20% of Ripple’s global user base, this expansion will further facilitate the introduction of Ripple’s innovative products and services to an ever-growing diaspora of businesses and individuals. Notably, Ripple plans to enhance its cross-border payment solutions, including the rollout of Ripple Payments Direct (RPD).
Regulatory Milestones for Ripple
This important milestone positions Ripple, known for its cryptocurrency XRP, as a frontrunner in the blockchain-based payments sector, potentially becoming the first such company to secure DFSA licensing.
Established in Dubai in 2020, Ripple’s headquarters for the MENA and South Asia regions now looks to expand its foothold further in the UAE. In addition to this newly acquired license, Ripple has made remarkable strides in regulatory compliance globally, having secured over 55 licenses in various key jurisdictions. These include approvals from the New York Department of Financial Services (NYDFS), the Monetary Authority of Singapore (MAS), and the Central Bank of Ireland (CBI).
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