Ripple, a leading provider of crypto payment infrastructure, has taken a significant step towards expanding its global reach by securing in-principle license approval from the Dubai Financial Services Authority (DFSA). This milestone paves the way for Ripple to offer cross-border payment services for both fiat and digital assets in the United Arab Emirates (UAE).
The in-principle license approval, announced on October 1, is a crucial step towards obtaining a full license in Dubai. Once fully licensed, Ripple will be able to establish a presence in the Dubai International Financial Center (DIFC), a special economic zone known for its supportive regulatory environment.
Ripple’s CEO, Brad Garlinghouse, expressed enthusiasm for this development, stating, “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 UAE.”
The UAE’s forward-thinking regulatory approach and commitment to fostering innovation have made it an attractive destination for businesses operating in the fintech space. By securing a license in Dubai, Ripple aims to leverage the UAE’s strategic location to access fast-growing crypto markets in the Middle East, Africa, and South Asia.
Also Read: Ripple Mints Over 1.7M RLUSD Tokens – Stablecoin Nears Launch On Ethereum And XRP Ledger
Salmaan Jaffery, chief business development officer of the DIFC Authority, highlighted Dubai’s ideal position as a global hub, emphasizing the robust legal and regulatory framework that has been in place for over two decades. Jaffery stated, “Dubai’s strategic location and DIFC’s robust legal and regulatory framework, built on two decades of experience, makes this the ideal hub for international businesses looking to make a lasting impact.”
As Ripple continues to expand its global footprint, the company’s in-principle license approval in Dubai marks a significant milestone. It demonstrates the growing acceptance and recognition of blockchain technology and cryptocurrencies in the region.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
