Ripple has secured in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC). This milestone significantly strengthens Ripple’s global footprint as a regulated entity and enables the introduction of seamless cross-border payment services, including Ripple Payments Direct (RPD), in the United Arab Emirates (UAE).
With DFSA Authorisation, Ripple is set to roll out its digital asset infrastructure to a broader customer base in the UAE. This expansion is aligned with Ripple’s mission of providing businesses with faster, cost-effective and more efficient cross-border payment solutions, by combining robust regulatory compliance with ongoing investments in critical infrastructure components such as liquidity and on/off-ramps between fiat and digital assets.
Go deeper with GlobalData
Brad Garlinghouse, Ripple’s Chief Executive Officer, said: “Blockchain and crypto technologies are here to stay. With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.”
Ripple will be the first blockchain-enabled payment services provider to be licenced by the DFSA, the independent regulator of financial services conducted in or from the DIFC.
The in-principle licence approval from the DFSA underscores Ripple’s strategy to expand its presence in the Middle East, following the establishment of its regional headquarters in Dubai in 2020
The UAE’s regulatory clarity and strategic position as a global financial services and trade hub, with access to fast-growing markets across the Middle East, Africa and South Asia, have been key factors in Ripple’s decision to continue investing in the region.
Reece Merrick, Ripple Managing Director, Middle East and Africa, added: “This is a pivotal moment for Ripple’s operations in the Middle East. The DFSA is a globally renowned independent regulator with a rigorous regulatory process and we are delighted to have received their in-principal approval. Over 20% of Ripple’s global customer base is located in the UAE and as we continue to extend our operations and services, we are fulfilling the growing demand for more efficient and cost-effective cross-border payment solutions. We look forward to supporting the UAE’s vision to become a leading global crypto and fintech hub by driving the institutional adoption of blockchain technology.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
