Blockchain giant company, Ripple, has made headlines today after receiving in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services in the UAE region. The approval marks a significant milestone in Ripple’s effort to expand its operations globally.
Notably, the recent update comes amid growing speculations of a potential SEC appeal in the four-year-long legal battle between the two entities. Ripple took to social media to announce the achievement while expressing excitement about the future.
Ripple Gets Regulatory Approval
In a blog post on its official website, the California-based blockchain firm disclosed that the approval allows it to expand its service from the Dubai International Financial Centre (DIFC). Consequently, this has strengthened Ripple’s global footprint as a recognized and regulated company.
With this, Ripple can now introduce its cross-border payment services, including Ripple Payments Direct (RPD) in the region.
We’re delighted to have secured in-principle approval of a financial services license from Dubai Financial Services Authority, unlocking our end-to-end managed payments services in the UAE. https://t.co/4zq8YPlgaG
— Ripple (@Ripple) October 1, 2024
Ripple also noted that the expansion is in line with its mission of introducing businesses to faster, cost-effective, and more efficient global payment solutions.
In a statement, the CEO of Ripple, Brad Garlinghouse, emphasized the growing adoption of cryptocurrencies and its underlying blockchain technology and how the UAE is gradually becoming a hub for financial technology.
“Blockchain and crypto technologies are here to stay, and with its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology,” he said.
Interestingly, the new approval positions Ripple as the first and only provider of blockchain-enabled payment services in the region to be licensed by the authority.
This story is being updated.
The post Ripple Expands Into UAE With New DFSA Approval appeared first on Coinfomania.
