Ripple, a leading digital assets infrastructure provider, has recently received in-principle approval from the Dubai Financial Services Authority (DFSA) in the United Arab Emirates. This approval marks a significant milestone for Ripple as it expands its services from the Dubai International Financial Centre (DIFC) and strengthens its global footprint as a regulated entity.
Once fully licensed, Ripple will become the first blockchain-enabled payment services provider to be licensed by the DFSA, which serves as the independent regulator of financial services conducted within or from the DIFC. This approval will allow Ripple to introduce seamless cross-border payment services, including Ripple Payments Direct (RPD), in the UAE.
The DFSA Authorization will enable Ripple to roll out its enterprise-grade digital asset infrastructure to a broader customer base in the UAE, offering businesses cost-effective and efficient cross-border payment solutions. By combining robust regulatory compliance with investments in critical infrastructure components such as liquidity, custody, and on/off-ramps between fiat and digital assets, Ripple aims to provide a comprehensive payment solution for businesses in the region.
Ripple’s CEO, Brad Garlinghouse, expressed confidence in the future of blockchain and crypto technologies, emphasizing the UAE’s forward-thinking regulatory approach and clear guidance for innovative businesses. He believes that the UAE is positioning itself as a global leader in the financial technology sector.
The in-principle approval from the DFSA is part of Ripple’s strategic expansion in the Middle East, following the establishment of its regional headquarters in Dubai in 2020. Ripple has been working closely with regulators and policymakers worldwide to integrate compliant blockchain and crypto technologies that complement the existing financial system.
Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority, highlighted the commitment to fostering a future-focused financial ecosystem that supports innovation and growth. He welcomed Ripple’s continued expansion in the DIFC, acknowledging the company’s efforts to drive the growth of blockchain technology in the region.
With over 55 licenses worldwide, including approvals from regulatory bodies such as the Monetary Authority of Singapore, the New York Department of Financial Services, and the Central Bank of Ireland, Ripple remains committed to regulatory compliance to support blockchain adoption in financial services. Reece Merrick, Ripple Managing Director for the Middle East and Africa, described the DFSA’s in-principle approval as a pivotal moment for Ripple’s operations in the Middle East, highlighting the growing demand for efficient and cost-effective cross-border payment solutions in the region.
In conclusion, Ripple’s expansion in the UAE with the DFSA Authorization signifies a significant step towards establishing a secure and compliant blockchain-enabled payment infrastructure in the region. The company’s commitment to regulatory compliance and collaboration with regulators underscores its dedication to driving innovation and growth in the financial technology sector.