Ripple Receives Dubai Approval for Blockchain Payment Services

The Dubai Financial Services Authority (DFSA) has granted approval in principle to Ripple XRP/USD to offer blockchain-enabled payment services from the Dubai International Financial Center (DIFC).

What happened: This regulatory move allows Ripple to introduce its cross-border payment services, including Ripple Payments Direct (RPD), to customers in the United Arab Emirates (UAE).

Brad GarlinghouseCEO of Ripple, said: “Blockchain and crypto technologies are here to stay. With its forward-thinking regulatory approach and clear guidance for innovative businesses looking to invest and grow, the UAE is positioning itself as a global leader in this new era of financial technology.

Salmaan Jaffery, Director of Business Development at the DIFC Authority, said Dubai’s strategic location and DIFC’s strong legal and regulatory framework, built on two decades of experience, make it the ideal hub for international businesses seeking to have a lasting impact.

Ripple’s regional presence in Dubai dates back to 2020 when it established its headquarters in the city.

The company reports that more than 20% of its global customer base is located in the UAE, indicating significant regional interest in its services.

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Ripple’s approval in principle is part of a broader trend of fintech companies seeking regulatory approval in Dubai.

Crypto.com, a cryptocurrency exchange, has received provisional approval from the Dubai Virtual Assets Regulatory Authority (VARA) in 2022.

Binance, another major cryptocurrency exchange, obtained a license to conduct some operations in Dubai the same year.

Traditional financial institutions are also expanding their presence in Dubai’s crypto space.

Standard Chartered’s SC Ventures has received preliminary approval from the DFSA to establish a cryptocurrency brokerage and exchange platform in August 2023.

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