- Ripple has received in-principle approval from the Dubai DFSA to expand its presence in the UAE.
- Ripple became the first blockchain-enabled payment services provider licensed by the DFSA.
Ripple, the company behind the leading cryptocurrency XRP, has obtained in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its blockchain-based payment services in the United Arab Emirates (UAE). According to the official announcement, this approval would lead Ripple to operate from the Dubai International Financial Centre (DIFC). That would enhance its status as a regulated entity in the Middle East.
What makes this approval most important? Ripple became the first provider of blockchain-based payment services to be licensed by the DFSA, which regulates financial activities in and from the DIFC.
Ripple acquired this new license as broader strategy of working collaboratively with global regulators and policymakers to implement compliant blockchain and cryptocurrency solutions that work alongside traditional financial systems.
Ripple’s Strategic Collaboration with Regulators
The approval from the DFSA improves the optimism in Ripple, while the company continues to grapple with its ongoing legal battle with the US SEC. Also, the digital asset provider remains committed to advancing the adoption of crypto and blockchain technologies.
Recently, Ripple announced a partnership with the DIFC Innovation Hub as part of its global $1 billion XRP Fund initiative. Additionally, the company has renewed its partnership with NYU Abu Dhabi via the University Blockchain Research Initiative (UBRI), raising its funding grant to over $1 million to support research projects and initiatives for students.
According to a recent update, if the SEC choose to appeal the current rulings, it will extend the ongoing lawsuit with Ripple. This news has sparked speculation about the timeline for launching it’s stablecoin, “RLUSD.” In preparation for this launch, they also minted 80,000 RLUSD tokens. That will help refine the minting and burning processes.
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