Ripple, a leading crypto payment infrastructure provider, has received in-principle licensing approval from the Dubai Financial Services Authority (DFSA). This approval allows the company to establish a presence in the United Arab Emirates (UAE).

Ripple announced on October 1 that it has received the approval, which is a significant step towards a full license. Once fully approved, Ripple will offer cross-border payment services for both fiat and digital assets in the Dubai International Financial Centre (DIFC).

Ripple CEO Brad Garlinghouse said that the UAE offers clear guidance on investing and scaling innovative businesses. Ripple plans to use Dubai as a strategic hub to expand into the fast-growing crypto markets in the Middle East, Africa and South Asia.

Salmaan Jaffery, head of business development at the DIFC Authority, highlighted Dubai’s advantageous position as a global hub. Dubai’s digital asset regulator has also introduced stricter requirements for companies marketing crypto investments.