Highlights:
- Ripple has received DFSA authorization to launch blockchain payment services in Dubai.
- This approval allows Ripple to implement Ripple Payments Direct throughout the UAE.
- Ripple’s CEO commended Dubai’s regulatory framework as a leader in global fintech.
- Since 2020, Ripple’s presence in the region has expanded, with 20% of its clients based in the UAE.
https://x.com/APRWATP/status/1841407028830564358
Ripple has secured initial approval from the Dubai Financial Services Authority (DFSA) to deliver blockchain-based payment services, representing an important step forward for the company in the Middle East. The approval permits Ripple to function from the Dubai International Financial Centre (DIFC) and deploy its enterprise-grade infrastructure, including the Ripple Payments Direct (RPD) service, throughout the United Arab Emirates (UAE).
This regulatory approval is vital for Ripple as it aims to solidify its foothold in the region. Ripple’s CEO, Brad Garlinghouse, remarked on the news, stating, “Blockchain and crypto technologies are permanent fixtures. The UAE’s progressive regulatory environment positions it as a global frontrunner in fintech.” He praised Dubai’s active strategy in promoting innovation, attracting many enterprises in the financial technology sector.
Strategic Development in Dubai’s Fintech Center
Ripple initiated its regional headquarters in Dubai back in 2020, and the company reports that more than 20% of its international client base is now situated in the UAE, demonstrating significant interest in its offerings in the region. The DFSA’s approval will facilitate Ripple’s expansion of cross-border payment solutions, improving financial infrastructure for businesses and consumers across the UAE.
Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority, praised Dubai’s strategic location and regulatory framework, which have rendered it a desirable hub for international fintech firms. Over the last twenty years, the DIFC has established a strong legal foundation that supports the development of blockchain and digital payment solutions in the area.
Ripple’s initiative aligns with a larger trend of financial technology companies pursuing regulatory approvals in Dubai. Other significant players in the cryptocurrency market, such as Crypto.com and Binance, have also received clearance from Dubai’s Virtual Assets Regulatory Authority (VARA) in recent times. Traditional banking institutions are also making strides, with firms like Standard Chartered’s SC Ventures entering Dubai’s crypto landscape.
With this new approval, Ripple is set to enhance its offerings in the Middle East, positioning itself as a key contributor to the global transition towards blockchain-driven financial systems.
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