Ripple secures DFSA in-principle approval, moving closer to full licensing for cross-border payments in Dubai's DIFC.
Ripple plans to use Dubai as a hub, expanding blockchain-powered payment services across the Middle East, Africa, and South Asia.
Dubai's DFSA grants Ripple initial approval, positioning it as the first blockchain-enabled payment provider in the UAE's fintech ecosystem.
Ripple, a leading digital asset infrastructure provider, has received approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC), thereby strengthening its global presence and enabling the introduction of seamless cross-border payment services, including Ripple Payments Direct in the UAE.
https://twitter.com/Ripple/status/1841013971676967283
The in-principle license allows Ripple to begin the final steps necessary for full licensure. The DIFC, recognized for its robust regulatory framework, requires applicants to meet various criteria, including establishing office space within the financial center. Ripple's successful acquisition of this license would position it as the first blockchain-enabled payment services provider fully licensed under the DFSA.
Establishing a Strategic Hub in Dubai
Ripple intends to center Dubai as a key location to expand its offerings throughout the Middle East, Africa, and South Asia. The UAE's focus on developing a forward-thinking financial technology landscape reinforces this strategic positioning. According to Ripple CEO Brad Garlinghouse, the UAE's supportive regulations and favorable environment for startups attract financial technology innovators.
Additionally, Salmaan Jaffery, the Chief Business Development Officer of the DIFC Authority, pointed out Dubai's favorable location and solid regulatory structure, which help international firms reach substantial goals in the fintech field. Ripple's presence in Dubai will likely ignite the use of blockchain in regional cross-border payments and uphold Dubai's reputation as a global fintech hub.
Regulatory Advances in Dubai’s Crypto Environment
Dubai has also implemented stricter rules for cryptocurrency companies conducting business within its jurisdiction. On September 26, the Dubai Virtual Asset Regulatory Authority (VARA) established that all digital asset investment advertisements must present clear disclaimers. According to VARA CEO Matthew White, these new rules are designed to enable virtual asset providers to act transparently and responsibly.
This action by VARA aligns with efforts to create a safe and monitored atmosphere for digital asset investments in Dubai. Ripple's presence in this controlled setting may allow the firm to significantly impact the shifting landscape of digital payments worldwide.
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