Enterprise blockchain and crypto solutions provider Ripple has obtained approval from Dubai Financial Services Authority (DFSA) to deliver regulated crypto payments and services within Dubai International Financial Centre (DIFC). With this approval, Ripple will be the first blockchain-enabled payments provider licensed by the DFSA, Dubai Media Office reported.
Commitment to Middle East and regulatory compliance
The move marks Ripple’s inaugural license in the Middle East, highlighting the company’s enduring commitment to the region and global regulatory compliance. The approval enables Ripple’s compliance-first global payments product to be accessible for businesses in the UAE, reinforcing Ripple’s position as a reliable partner for financial institutions eager to utilize the enhanced capabilities of digital assets for real-world applications.
Industry growth and UAE’s supportive environment
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” stated Brad Garlinghouse, chief executive officer of Ripple. “Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”
Read more: Crypto firm Ripple to launch U.S. dollar stablecoin, targeting $150 billion market
UAE: A hub for international finance
The UAE has emerged as a global hub for outbound finance, boasting a market exceeding $400 billion for international trade. Ripple has experienced a surge in demand across the Middle East from both crypto-native firms and traditional financial institutions, all seeking solutions to the inefficiencies associated with conventional cross-border payments—such as high fees, lengthy settlement times, and lack of transparency.
A 2024 business survey conducted by Ripple revealed that 64 percent of finance leaders in the Middle East and Africa (MEA) view faster payments and settlement times as the key value proposition for incorporating blockchain-based currencies into their cross-border payments operations.
His Excellency Arif Amiri, chief executive officer of DIFC Authority, commented, “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.”
Institutional confidence in crypto adoption
Since establishing its Middle East headquarters in DIFC in 2020, Ripple has consistently expanded its presence in the region. With approximately 20 percent of its global customer base already operating in the Middle East, this recent regulatory approval positions Ripple to further enhance growth and innovation in this high-potential market.
Moreover, the MEA region is recognized for having one of the highest levels of institutional readiness regarding crypto adoption, with over 82 percent of MEA finance leaders expressing they are “very or extremely confident” about integrating blockchain solutions into their operations.
Strengthening cross-border transactions
“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” further remarked Reece Merrick, Ripple’s managing director for Middle East and Africa.
The utility of payments is also anticipated to promote greater stablecoin adoption in the UAE, as stablecoins provide real-time settlement compared to traditional banking systems, which often require several days to process transactions.
Moreover, Ripple’s DFSA license contributes to its expanding portfolio of over 60 regulatory approvals worldwide, which includes a Major Payments Institution license from the Monetary Authority of Singapore (MAS) and more.
