Ripple CEO Brad Garlinghouse Celebrates Regulatory Milestone in the Middle East
Ripple CEO Brad Garlinghouse recently shared his excitement over the company’s latest regulatory achievement in the Middle East.
The Dubai Financial Services Authority (DFSA) has given its approval to Ripple, allowing the blockchain-powered payment provider to expand its services in the UAE. This makes Ripple the first of its kind to receive such a license in the region.
Garlinghouse emphasized the significance of regulatory clarity in a recent social media post, highlighting that businesses thrive on such certainty. He praised the UAE for understanding this need and supporting innovative fintech companies like Ripple.
Ripple has established a strong presence in the MENA region over the years, thanks to the adoption of its payment solutions and the favorable regulatory environment. The company has partnered with financial institutions in countries such as the UAE, Saudi Arabia, Kuwait, and Oman.
In a strategic move, Ripple opened a regional headquarters in Dubai in November 2020, signaling its commitment to the region. Garlinghouse has lauded the UAE for its crypto-friendly stance, positioning it as a leading jurisdiction for digital assets.
Ripple’s Reece Merrick described the DFSA approval as a “pivotal moment” for the company’s operations in the Middle East. He expressed Ripple’s commitment to supporting the UAE in realizing its vision of becoming a prominent pro-crypto nation.