Popular payment infrastructure provider, Ripple has secured approval from Dubai Financial Services Authority (DFSA) to offer regulated crypto services in the Dubai International Finance Centre (DFIC). Ripple confirmed the development in a press release today.
With this approval, Ripple becomes the first blockchain-enabled payment provider to obtain a DFSA license. This is also the firm’s first license in the Middle East region, signifying its commitment to regulatory compliance globally. Similarly, this approval also makes Ripple the first and only payment service provider to offer seamless compliance-first global payments products to businesses in the UAE.
Ripple executives gave their insight on the approval
Meanwhile, the chief executive officer of Ripple, Brad Garlinghouse has given his insight on the approval. Garlinghouse noted that Ripple is breaking into the world of unprecedented growth in the crypto industry. According to him, this growth is driven by greater regulatory clarity around the world and increasing institutional adoption. He added that the UAE is the best home for supporting tech and crypto innovation.
Similarly, the chief executive officer of the DFIC, Arif Amiri also commented on the development. Amiri stated that the DFIC is thrilled to onboard Ripple as the first licensed blockchain-enabled payment provider in Dubai. He added that DFIC is proud to support forward-thinking companies to shape the future of finance and accelerate the adoption of blockchain technology in the payment industry.
Ripple’s managing director for Middle East and Africa, Reece Merrick has also reacted to the development. Merrick stated that Dubai and the wider UAE community have established themselves as a leader in designing regulatory frameworks for digital assets. He added that the DFSA license is a major milestone for Ripple, enabling it to better serve the growing demands for faster, cheaper and more transparent cross-border transactions.
Since the establishment of its Middle East headquarters in DFIC in 2020, Ripple has continuously deepened its presence in the region. The crypto payment service provider has over 20% of its customers base operating in the Middle East region.
The payment solution provider has over 60 approvals globally
Over the last few years, Ripple has also secured over 60 regulatory approval from major payment institutions globally. Some of these license includes Monetary Authority of Singapore (MAS), a New York Department of Financial Services (NYDFS) Trust Charter, a Virtual Asset Service Provider (VASP) among others.
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