Ripple’s quest to increase its provision of digital asset services in the United Arab Emirates has taken a significant step following In-Principle approval from the Dubai Financial Services Authority (DFSA).
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
The financial services institution permitted Ripple to extend its business digital infrastructure from the Dubai International Financial Centre (DIFC), thus cementing itself as the region’s financial hub. Ripple ($XRP) shared this strategic news with the crypto community through its official social media X account.
DFSA Approval Strengthens Ripple’s UAE Expansion
Ripple is preparing to expand its cross-border payment services after receiving approval from the DFSA to sign regulatory documents. This expansion includes introducing Ripple Payments Direct (RPD) in the UAE market and marks a new milestone for the firm in the crypto space.
The business seeks to improve international remittances by developing fast, affordable services while adhering to recognized regulations. The company’s infrastructure includes a liquidity management system, efficient asset custody services, and fiat to digital assets on/off-ramps, enabling smooth business transaction processes.
Role in Ripple’s Growth
Ripple’s In-Principle approval from the DFSA supports its expansion in the Middle East, where clear regulations and a strategic location have been attractive since 2020. The comprehensive regulatory competition in UAE encourages new blockchain and crypto companies to grow and helps Ripple grow in the region.
Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority, stated that Dubai’s vision for building a financial ecosystem is focused on one goal: innovation. Innovation is one of the strings by which the DIFC and Ripple form a partnership, which effectively develops more technologies in the dynamics of the blockchain.
The newly approved license from Ripple indicates the company’s intention to remain within the global compliance norms. Over 55 worldwide licenses ensure Ripple’s partnership even with the authorities embracing the financial sector.
According to the DFSA approval, this is the first license Ripple has issued in the UAE, which accounts for more than 20% of its global customer base. Ripple’s continuous investment in this region will be instrumental in making the UAE a global financial technology centre.
