Ripple Secures DFSA License to Expand Payment Services in UAE
Ripple's DFSA License: Expanding Payment Services Across the UAE
Ripple, the San Francisco-based blockchain company, has secured an in-principle license from the Dubai Financial Service Authority (DFSA), making it the first blockchain-based company to receive such a license. This approval allows Ripple to expand its payment services from the Dubai International Financial Centre (DIFC) to other parts of the United Arab Emirates (UAE), further enhancing its operations in the Middle East.
The DFSA license enables Ripple to launch enterprise-grade digital asset infrastructure across the UAE. The company will introduce its cross-border payment services, including Ripple Payments Direct (RPD), from the DIFC to other regions, emphasizing faster, cost-effective, and more efficient payment solutions.
Key Features of the License
Enterprise-Grade Infrastructure: Ripple aims to deploy high-quality digital asset infrastructure to a broader customer base in the UAE.
Cross-Border Payments: The license will enable Ripple to offer its Ripple Payments Direct (RPD) service across the UAE.
Regulatory Compliance: Ripple plans to integrate strict regulatory compliance with ongoing investments in custody and liquidity.
Brad Garlinghouse, CEO of Ripple, praised the UAE’s progressive regulatory approach, which supports businesses seeking to invest and expand. He noted that the UAE is positioning itself as a global leader in financial technology.
Ripple’s Growing Footprint in the UAE
Ripple's relationship with the UAE began in 2020 with its regional headquarters in Dubai. The company has expanded within the DIFC, securing DFSA approval for XRP usage and partnering with the DIFC Innovation Hub to promote blockchain adoption.
Ripple also renewed its partnership with NYU Abu Dhabi, increasing funding to over $1 million for blockchain research. With the DFSA in-principle approval, Ripple now holds over 55 global regulatory licenses, including from MAS, NYDFS, and CBI. Despite facing SEC legal challenges, Ripple continues to grow, planning an XRP stablecoin launch and solidifying its leadership in blockchain payments.
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