- Ripple has secured its first regulatory approval for payment services in the Middle East from the DFSA.
- With this license, Ripple becomes the first blockchain-based payment provider authorized to operate within the DIFC.
Ripple, the world leader in enterprise blockchain and crypto technology solutions, has received approval from the Dubai Financial Services Authority (DFSA). The new license allows to provide regulated crypto asset services and payment solutions to the Dubai International Financial Centre (DIFC).
Ripple has become the first blockchain-enabled payments provider to receive a license from the DFSA. Besides, the approval follows nearly six months after Ripple secured its in-principle approval from the DFSA in late 2024.
Chief Executive Officer of Ripple, Brad Garlinghouse commented:
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.”
With this license, Ripple is now authorized to operate in the DIFC—Dubai’s renowned free economic zone that boasts an independent regulatory framework, offering businesses tax benefits and streamlined operations.
In addition, Ripple initially revealed its plans to apply for DFSA licensing on October 1, 2024. It marks as the plan to enhance its digital asset infrastructure in the UAE. The region has emerged as a significant destination for blockchain and crypto companies because of its progressive laws and increasing interest for digital innovation.
Arif Amiri, Chief Executive Officer of DIFC Authority, stated:
”We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC.”
According to Ripple, about 20% of its global customer base already operates within the Middle East. The new license will now enable to roll out its array of services to current and potential customers in the region.
Ripple’s Global Regulatory Expansion
The DFSA licence is the latest addition to Ripple’s increasing portfolio of regulatory success. To date, Ripple has obtained more than 60 licenses and approvals. It highlights the dedication in doing business in compliant, regulated environments.
Few of the prominent licenses include a Major Payments Institution (MPI) license by Monetary Authority of Singapore (MAS), a Trust Charter by New York Department of Financial Services (NYDFS), Virtual Asset Service Provider (VASP) registration by Central Bank of Ireland, and Money Transmitter Licenses (MTLs) from several U.S. states.
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