Ripple has received initial approval from the Dubai Financial Services Authority to promote cross-border payment solutions in the Middle East.
Ripple is expanding its international presence by obtaining initial approval from the Dubai Financial Services Authority to expand its operations from the Dubai International Financial Centre.
With the latest achievement, Ripple said on October 1 Blog announcement It can now launch Ripple Payments Direct in the UAE, facilitating seamless cross-border payments. Licensed by the Dubai Financial Services Authority, Ripple plans to expand its institutional-level digital asset infrastructure to a “broader customer base in the UAE.”
“With its forward-looking regulatory approach and clear guidance for innovative companies seeking to invest and expand, the UAE is positioning itself as a global leader in this new era of fintech.”
Brad Garlinghouse, CEO of Ripple
The DFSA approval comes as part of Ripple’s broader strategy to collaborate with regulators globally, and integrate blockchain into existing financial frameworks. Besides Dubai, Ripple has more than 55 licenses worldwide, including from the Monetary Authority of Singapore and the New York Department of Financial Services.
Rhys Merrick, Managing Director of Ripple in the Middle East and Africa, noted that more than 20% of Ripple’s global customer base is located in the UAE, expressing his enthusiasm to support the UAE’s ambition to become a global hub for cryptocurrencies and financial technology. However, despite the recent developments, the price of XRP has fallen by 3.3%, trading at $0.62 as of press time.