Ripple, a blockchain payment provider, has received full regulatory approval from the Dubai Financial Services Authority (DFSA) to offer cross-border cryptocurrency payment services in the United Arab Emirates (UAE).
The approval, announced on March 13th, grants Ripple a DFSA license to operate within the Dubai International Financial Center (DIFC), a UAE-free economic zone with its own distinct tax and regulatory framework.
Crypto Payments for UAE Businesses
Ripple gained a Dubai Financial Services Authority (DFSA) license in the UAE after getting approval last October. The license lets the company offer its payment services to UAE companies. It will help banks and other financial firms use digital money in their businesses.
Additionally, Ripple CEO Brad Garlinghouse lauded the UAE’s forward-thinking approach to technology and cryptocurrency innovation, highlighting its supportive environment and early leadership in the field, stating:
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.”
The UAE is a major center for international finance and has a huge market for global trade. However, Ripple is seeing increased interest in the Middle East from new and established financial companies.
Notably, a 2024 survey showed that most finance leaders in the Middle East and Africa want faster payments using blockchain technology.
Ripple’s Cross-Border Expansion
Ripple’s increased demand for cross-border payments in the Middle East extends beyond cryptocurrency companies to encompass traditional financial institutions.
This growth is further amplified by the company’s achievement as the first blockchain-enabled payments provider licensed by the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC).
DIFC CEO Arif Amiri hailed this milestone, stating, “We are delighted that Ripple is strengthening its Dubai presence through this DFSA license, making them the first blockchain-enabled payments provider in DIFC.”
Moreover, this license positions Ripple to capitalize on significant opportunities within the UAE and the wider Middle East and North Africa (MENA) region. Reece Merrick, Ripple’s director for the Middle East and Africa, said Dubai and the UAE are leaders in setting rules for digital money.
Nonetheless, this license will help Ripple provide faster, cheaper, and clearer international payments. They are thankful for the DIFC’s support and are ready to expand their business.
Faith | March 13, 2025
Chris Lion | March 12, 2025
