Ripple has received in-principle approval from the Dubai Financial Services Authority to enhance its cross-border payment solutions in the Middle East.
Ripple is expanding its international presence by securing in-principle approval from the Dubai Financial Services Authority to broaden its operations from the Dubai International Financial Centre.
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
With the latest milestone, Ripple said in an Oct. 1 blog announcement it can now launch Ripple Payments Direct service in the United Arab Emirates, facilitating seamless cross-border payments. With DFSA authorization, Ripple plans to extend its enterprise-grade digital asset infrastructure to a “broader customer base in the UAE.”
“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.”
Brad Garlinghouse, Ripple CEO
The approval from the DFSA comes as part of Ripple’s broader strategy to collaborate with regulators globally, integrating blockchain into existing financial frameworks. Besides Dubai, Ripple holds over 55 licenses worldwide, including from Singapore’s Monetary Authority and New York’s Department of Financial Services.
Reece Merrick, managing director for Ripple in the Middle East and Africa, noted that over 20% of Ripple’s global customer base is located in the UAE, expressing enthusiasm for supporting the UAE’s ambition to become a global crypto and fintech hub. However, despite the latest development, (XRP) price has dipped 3.3%, trading at $0.62 as of press time.
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