Ripple Gains Approval to Expand Services in the UAE Market

View of the Dubai waterfront featuring towering buildings

On Tuesday, October 1, Ripple announced it has received an in-principle license from the Dubai Financial Services Authority (DFSA).
The DFSA’s endorsement may enable Ripple to launch its comprehensive payment services in the UAE and enhance its presence in the Middle East.

Ripple declared on October 1 that the blockchain firm has achieved a significant regulatory milestone in the UAE.

Specifically, the Dubai Financial Services Authority (DFSA) has provided Ripple with in-principle approval, permitting the company to broaden its services and fortify its footprint in the UAE and the wider Middle East.

This approval allows Ripple to provide its services beyond the Dubai International Financial Centre (DIFC) to other regions within the country.

“This is a crucial moment for Ripple’s initiatives in the Middle East. The DFSA is a respected independent regulator known for its stringent regulatory framework, and we are thrilled to have received their in-principle approval,” stated Reece Merrick, Ripple’s managing director for the Middle East and Africa.

Merrick noted that over 20% of Ripple’s global user base resides in the UAE, and this expansion will facilitate the availability of products and services to an increasing number of individuals and businesses. A major advancement will be Ripple’s provision of its cross-border payment solutions, including the Ripple Payments Direct (RPD) service.

Ripple’s adherence to regulatory standards

This achievement positions Ripple, the entity behind the XRP cryptocurrency, to potentially become the first blockchain-based payments entity to secure a license from the DFSA.

The UAE serves as the MENA and South Asia headquarters for Ripple, which the firm established in Dubai in 2020.

In addition to its regulatory compliance within the UAE, strengthened by this new in-principle license, Ripple has gained momentum in its global endeavor, having obtained over 55 licenses in various jurisdictions worldwide, including the New York Department of Financial Services (NYDFS), the Monetary Authority of Singapore (MAS), and the Central Bank of Ireland (CBI).