The Dubai Financial Services Authority (DFSA) has granted Ripple, the enterprise blockchain and crypto solution provider, approval to provide regulated crypto payments and services in the Dubai International Financial Centre (DIFC).
Becoming the first blockchain-enabled payment provider licensed by the DFSA, Ripple can now offer its payment products to businesses in the UAE.
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” explained Brad Garlinghouse, CEO 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.”
The UAE has established itself as a global hub for outbound finance, boasting a $400billion market for international trade. Recognising increasing demand across the Middle East from crypto-native firms and traditional financial institutions, Ripple aims to address many of the challenges traditionally associated with cross-border payments – such as high fees, long settlement times, and lack of transparency.
Around 64 per cent of Middle East and Africa (MEA) finance leaders see faster payments and settlement times as the biggest value proposition for incorporating blockchain-based currencies into their cross-border payments business.
Arif Amiri, CEO of DIFC Authority, also commented: “This milestone not only highlights our commitment to fostering innovation, but also opens the door for Ripple to tap into new growth opportunities across the region and beyond. As the Middle East, Africa and South Asia’s leading global financial centre, DIFC is proud to support forward-thinking companies like Ripple as they shape the future of finance and accelerate the adoption of blockchain technology in the payments industry.”
Enhancing cross-border transactions
With around 20 per cent of its global customer base already operating in the Middle East, this latest regulatory approval positions Ripple to further accelerate growth and innovation in a high-potential market. The MEA region has one of the highest levels of institutional readiness when it comes to crypto adoption, with over 82 per cent of MEA finance leaders stating they are ‘very or extremely confident’ when it comes to integrating blockchain solutions into their business.
“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” said Reece Merrick, managing director for the Middle East and Africa at Ripple. “Securing this DFSA licence is a major milestone that will enable us to better serve the growing demand for faster, cheaper and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs.”
Payments utility is also expected to drive greater stablecoin adoption in the UAE, with stablecoins offering real-time settlement compared to traditional banking systems, which often take days to process. Launched at the end of December on global exchanges, Ripple’s own has already surpassed $130million in market cap.
Ripple’s DFSA licence adds to its list of over 60 regulatory approvals worldwide, including a Major Payments Institution licence from the Monetary Authority of Singapore (MAS), a New York Department of Financial Services (NYDFS) Trust Charter, a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, and Money Transmitter Licenses (MTLs) across multiple US states.
