Ripple Secures In-Principle License from Dubai Financial Services Authority
Ripple has received in-principle financial services license approval from the Dubai Financial Services Authority (DFSA), marking a significant step toward establishing its presence in the United Arab Emirates (UAE).
This approval paves the way for Ripple to offer cross-border payment services for both fiat and digital assets within the Dubai International Financial Center (DIFC), a designated special economic zone.
On October 1, Ripple announced that the in-principle license is a necessary precursor to obtaining a full operating license in Dubai.
Once fully licensed, Ripple plans to introduce its enterprise-grade digital asset infrastructure in the region, including services such as Ripple Payments Direct (RPD).
Brad Garlinghouse, CEO of Ripple, highlighted the UAE's progressive regulatory framework, stating that it positions the country as a leader in the financial technology sector. The DFSA license approval aligns with Ripple's broader goal of expanding its global footprint as a regulated entity.
However, the digital asset landscape in Dubai is evolving, with the Virtual Asset Regulatory Authority (VARA) implementing stricter marketing regulations. As of September 26, all companies promoting digital asset investments in the UAE must include a disclaimer in their marketing materials.
VARA's CEO, Matthew White, emphasized the importance of providing clear guidance to ensure responsible service delivery by virtual asset providers.
Salmaan Jaffery, chief business development officer of the DIFC Authority, underscored Dubai's strategic location and its robust legal framework as advantageous for international businesses.
Ripple aims to leverage Dubai as a strategic hub to penetrate fast-growing crypto markets across the Middle East, Africa, and South Asia.
