Ripple has secured in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC).
The DFSA license will enable the introduction of seamless cross-border payment services, including Ripple Payments Direct (RPD), in the United Arab Emirates (UAE).
In fact, Ripple will be the first blockchain-enabled payment services provider to be licenced by the DFSA, the independent regulator of financial services conducted in or from the DIFC.
“Blockchain and crypto technologies are here to stay”
Brad Garlinghouse, Chief Executive Officer at Ripple, said: “Blockchain and crypto technologies are here to stay. With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.”
Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority, said, “At DIFC, we are committed to fostering a future-focused financial ecosystem that supports innovation and growth. 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. We are proud to welcome Ripple’s continued expansion in the DIFC as they work to drive the growth of blockchain technology in the region.”
Reece Merrick, Managing Director at Ripple MENA, said: “This is a pivotal moment for Ripple’s operations in the Middle East. The DFSA is a globally renowned independent regulator with a rigorous regulatory process and we are delighted to have received their in-principal approval. Over 20% of Ripple’s global customer base is located in the UAE and as we continue to extend our operations and services, we are fulfilling the growing demand for more efficient and cost-effective cross-border payment solutions. We look forward to supporting the UAE’s vision to become a leading global crypto and fintech hub by driving the institutional adoption of blockchain technology.”
Liquidity, custody, on/off ramps between fiat and digital assets
Ripple is now set to roll out its enterprise-grade digital asset infrastructure to a broader customer base in the UAE as part of the blockchain company’s geographical expansion in the Middle East, having first established its regional headquarters in Dubai in 2020.
Combining robust regulatory compliance with ongoing investments in critical infrastructure components such as liquidity, best-in-class custody, and on/off-ramps between fiat and digital assets, Ripple’s digital asset infrastructure is known to be one of the most successful since the blockchain technology was created by Bitcoin inventor “Satoshi Nakamoto”.
Ripple, which holds over 55 licences worldwide, including from the Monetary Authority of Singapore (MAS), the New York Department of Financial Services (NYDFS), and the Central Bank of Ireland (CBI), continues to prioritise regulatory compliance in order to support blockchain adoption in financial services.
Besides compliance efforts in the region, Ripple’s recently announced partnership with the DIFC Innovation Hub, part of the company’s global 1B XRP Fund program, strengthens blockchain and digital asset innovation in the UAE by connecting emerging developers with DIFC’s extensive innovation network, which includes over 1,000 tech firms, digital labs, and venture capital entities.
Ripple also renewed its strategic partnership with NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI), increasing the total funding grant to over $1 million to support NYU Abu Dhabi’s research projects and student initiatives.
