Blockchain payment provider Ripple has received full regulatory approval from the Dubai Financial Services Authority (DFSA) to provide cross-border crypto payment services in the United Arab Emirates (UAE).
The company announced on March 13 that it will secure its DFSA license and operate at Dubai International Financial Centre (DIFC), the UAE’s free economic zone with its own tax policy and regulatory framework.
The announcement comes almost six months after the company announced its receipt of principled approval of its DFSA license. On October 1, 2024, Ripple revealed that it is working to obtain licenses through DFSA, which aims to deploy the UAE’s digital asset infrastructure.
Enable blockchain-based global payments for UAE businesses
This license allows Ripple to offer global blockchain-based payment solutions to businesses across the UAE. The company said this will cater to financial institutions looking for partners to help them use their digital assets in real-world applications.
In a news release sent to Cointelegraph, Ripple CEO Brad Garlinghouse said the UAE is “goodly placed” to benefit from Tech and Crypto innovations thanks to its early leadership and support environment.
“We are entering an unprecedented period of growth in the crypto industry, with increasing clarity of regulations around the world and increasing institutional adoption.”
Ripple also reported an increasing demand in the Middle East for cross-border payments. The company said the demand was not limited to companies that originated in crypto, but also came from traditional financial institutions.
Related: UAE implements the DAOS legal framework
Ripple will become DIFC’s first crypto payment provider
With approval from DFSA, Ripple has become the first blockchain-enabled payments provider to operate within DIFC’s free zone, according to DIFC CEO Arif Amiri.
“We are excited that Ripple is deepening its commitment to Dubai by securing its DFSA license and becoming DIFC’s first blockchain-enabled payment provider,” he said.
The licensing will allow Ripple to take advantage of opportunities in the UAE and the wider MENA region, he added.
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