Ripple has become the first blockchain payments firm to secure a licence from the Dubai Financial Services Authority (DFSA).
This is the firm’s first licence in the Middle East, and enables the firm to provide regulated cryptocurrency payments and services within the Dubai International Finance Centre (DIFC).
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The approval allows Ripple to make its payment products accessible to businesses in the UAE.
In 2020, the company established its Middle East headquarters in DIFC in 2020 and now has over 20% of its global customer base operating in the region.
Ripple CEO Brad Garlinghouse said: “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.”
DIFC Authority CEO Arif Amiri stated: “We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA licence that makes them the first blockchain-enabled payments provider in DIFC. This milestone not only highlights our commitment to fostering innovation, but also opens the door for Ripple to tap into new growth opportunities across the region and beyond.
Ripple’s own RLUSD stablecoin, launched in December 2024 on global exchanges, has exceeded a market cap of $130m, the company stated.
The DFSA licence is the newest addition to Ripple’s portfolio of over 60 regulatory approvals globally.
Last month, Ripple partnered with Portuguese currency exchange provider Unicâmbio to enable instant cross-border payments between Portugal and Brazil
