Ripple has received approval from the Dubai Financial Services Authority to provide regulated crypto payment services in the Dubai International Financial Centre.
This makes Ripple (XRP) the first blockchain-powered payments company licensed by the DFSA. According to the press release published on Mar. 13, the license allows businesses in the UAE to use Ripple’s crypto payment solutions. Ripple says this will help improve cross-border transactions by making them faster and cheaper.
Ripple has been in the UAE since 2020, with its regional headquarters in the DIFC. Around 20% of its global customers are in the Middle East. With a global trade sector worth over $400 billion, the UAE offers a major opportunity for blockchain-based payment systems.
According to Ripple, 64% of finance leaders in the Middle East and Africa see faster payments as the biggest advantage of blockchain adoption. DIFC Authority CEO His Excellency Arif Amiri welcomed Ripple’s expansion, saying Dubai is committed to supporting blockchain innovation.
Reece Merrick, Ripple’s managing director for the Middle East and Africa, said the DFSA license will allow Ripple to better serve businesses needing faster and more transparent payments. Ripple also expects more companies in the UAE to start using stablecoins for instant transactions.
“Securing this DFSA license is a major milestone that will enable us to better serve the growing demand for faster, cheaper and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs.”
— Reece Merrick, Ripple’s managing director for Middle East and Africa
As of Mar. 13, Ripple has secured more than 60 international licenses, including ones in Singapore, Ireland, and several U.S. states. The company has launched RLUSD, whose market capitalization has grown to over $130 million since December, as part of its focus on stablecoins.
Ripple has also been making progress in other areas. The Bank of England is currently testing Ripple’s Interledger Protocol for faster cross-border payments. Meanwhile, in the US, interest in XRP ETFs is rising. Asset managers including Bitwise, Grayscale, Franklin Templeton, and 21Shares, have filed for XRP ETFs and are awaiting the approval of the Securities and Exchange Commission.
