Ripple has secured a DFSA license to offer cross-border crypto payment services in the UAE, enabling blockchain-based solutions for local businesses. This move positions Ripple as the first blockchain-enabled payments provider in the Dubai International Financial Center (DIFC). The company aims to comply with upcoming stablecoin regulations while responding to increased regional demand for its services.
Ripple has achieved full regulatory approval from the Dubai Financial Services Authority (DFSA) to deliver cross-border crypto payment services within the United Arab Emirates (UAE). Announced on March 13, this licensing allows Ripple to operate in the Dubai International Financial Center (DIFC), a designated free-economic zone featuring its own regulatory measures and tax frameworks. This milestone follows Ripple’s earlier in-principle approval announced on October 1, 2024, as it sought to establish its digital asset infrastructure within the UAE.
With the newly obtained license, Ripple is now poised to furnish its global blockchain-based payment solutions to businesses across the UAE. This strategic expansion is intended to support financial institutions aiming to leverage digital assets for practical applications. Ripple CEO Brad Garlinghouse noted that the UAE is “well-placed” to benefit from technological advancements in crypto, a testament to its proactive leadership and supportive ecosystem.
Furthermore, Ripple reported a burgeoning demand for cross-border payment solutions in the Middle East. This demand is not only emerging from crypto-focused companies but is also gaining traction among traditional financial institutions. A Ripple spokesperson mentioned the company is closely monitoring upcoming stablecoin regulations from the Central Bank of the UAE (CBUAE), emphasizing their commitment to understanding compliance requirements.
In this context, Ripple has stated that the distribution of its stablecoin, RLUSD, remains a priority. Currently, RLUSD is accessible within the UAE through the crypto exchange, CoinMENA. This development has made Ripple the inaugural blockchain-enabled payments provider operating within the DIFC, as confirmed by DIFC CEO Arif Amiri, who expressed enthusiasm for Ripple’s commitment to Dubai and the opportunities now available in the UAE and broader MENA region.
In conclusion, Ripple’s acquisition of the DFSA license represents a significant advancement in the realms of crypto payments within the UAE. By enabling blockchain-based payment solutions for both crypto-native and traditional financial institutions, Ripple is poised to contribute to the growing demand for cross-border payments. The company’s focus on regulatory compliance, especially regarding stablecoins, further reinforces its commitment to responsible growth in the emerging digital asset landscape.
Original Source: www.tradingview.com
