Ripple has received DFSA approval to provide regulated crypto payments in the DIFC, becoming the first blockchain-enabled payments provider licensed by the authority. This development enhances Ripple’s commitment to the Middle East’s growing digital asset market, aiming for compliance-driven solutions for businesses. Ripple’s regional presence has been established since 2020, with significant client engagement, as it also underscores the potential of stablecoins in payment systems.
Ripple has achieved a significant milestone by obtaining regulatory approval from the Dubai Financial Services Authority (DFSA), enabling it to provide regulated cryptocurrency payments and services within the Dubai International Finance Centre (DIFC). This license, announced on March 13, 2025, marks Ripple as the inaugural blockchain-enabled payments provider licensed by the DFSA.
The DFSA licensing reinforces Ripple’s strategic commitment to the Middle East, furthering its initiative for compliance-focused, enterprise-grade cryptocurrency solutions globally. By establishing a compliant global payments offering, Ripple is set to cater to the burgeoning market for digital asset-based financial tools in the UAE, which is currently valued at approximately $40 billion for cross-border remittances.
Brad Garlinghouse, Ripple’s Chief Executive Officer, highlighted this growth phase in the crypto industry, attributing it to improved regulatory clarity and increased institutional embrace. He lauded the UAE’s proactive stance in fostering innovation in technology and cryptocurrency.
Ripple has established its regional presence at the DIFC since 2020, and now approximately 20% of its global clientele is located in the Middle East. Companies are increasingly recognizing the advantages of blockchain solutions for resolving issues such as excessive fees, delayed settlements, and inadequate transparency in cross-border transactions.
A 2024 survey by Ripple found that 64% of finance leaders within the Middle East and Africa prioritize faster payment solutions as a major incentive for employing blockchain technologies in their operations.
Arif Amiri, the Chief Executive Officer of the DIFC, expressed enthusiasm regarding Ripple’s licensing achievement, viewing it as an avenue for innovation and opportunities across the region. He acknowledged the importance of partnerships with forward-thinking entities such as Ripple in advancing the future of finance.
With the newly acquired license, Ripple intends to enhance the speed and transparency of international transactions. Reece Merrick, Managing Director for the Middle East and Africa, asserted that this license will allow Ripple to address the demand for quick, affordable, and clear cross-border transactions effectively.
Additionally, Ripple is making strides in stablecoin development, with its RLUSD stablecoin surpassing a market capitalization of $100 million since its launch. This innovation could significantly contribute to the UAE’s payment infrastructure, as traditional banking methods often face delays in transaction processing.
Moreover, Ripple now holds over 60 regulatory approvals worldwide, alongside various esteemed licenses such as those from the Monetary Authority of Singapore, New York Department of Financial Services, Central Bank of Ireland, and multiple US states.
In conclusion, Ripple’s licensing from the DFSA signifies a pivotal advance in the adoption of cryptocurrency within the Middle East. This achievement not only positions Ripple at the forefront of the region’s digital payment services but also underscores the growing demand for compliant crypto solutions. As Ripple expands its operations, the further integration of blockchain technologies in financial services appears promising, particularly through innovations like stablecoins that may enhance transaction efficiency.
Original Source: bitcoinist.com
