According to an official press release, Ripple has received approval from the Dubai Financial Services Authority (DFSA) to expand its services to the Dubai International Financial Center (DIFC). Through the Ripple Payments Direct (RPD) framework, Ripple has become the first blockchain payment service provider licensed by the DFSA and will be able to provide more efficient and low-cost cross-border payment solutions to enterprise customers in the UAE. This milestone also marks Ripple's global reach as a compliant Web3 entity.
Source: X/@Ripple Ripple announces obtaining DFSA license
Dubai’s Web3-friendly regulatory framework
Salmaan Jaffery, DIFC’s Chief of Business Development, said that DIFC is committed to cultivating a future-oriented financial ecosystem that supports innovation. Leveraging Dubai’s strategic location and DIFC’s robust regulatory and regulatory framework, the UAE has emerged as a hub for new international businesses.
Ripple CEO Brad Garlinghouse pointed out that the UAE’s trade hub in fast-growing markets such as the Middle East, Africa and South Asia makes the region of great strategic value; in addition, Dubai’s forward-looking regulatory system and the spirit of seeking innovation have created a considerable An environment suitable for the development of Web3 entities. These factors have become the key to Ripple's decision to invest in the UAE. Thereafter, Ripple will work in depth with the DIFC Innovation Center to expand the adoption of blockchain and cryptocurrencies in Dubai and strengthen digital asset innovation in the UAE.
"This is a critical moment for Ripple's business in the Middle East. DFSA is a world-renowned independent regulator with strict regulatory processes. More than 20% of Ripple's customers are located in the UAE. With the approval of DFSA, we will be able to further expand our business to meet our customers The urgent need for efficient cross-border payments has propelled the UAE into becoming a leading global cryptocurrency and fintech hub.”
Ripple joins forces with prestigious universities to promote blockchain innovation
Ripple, which is committed to the global adoption of blockchain, has recently been collaborating with educational institutions. Through its "University Blockchain Research Initiative (UBRI)", Ripple successfully renewed its strategic partnership with New York University Abu Dhabi; and South Korea's Yonsei University also announced early last month (9/2 ) joined UBRI with the goal of exploring blockchain applications in industries such as AI, finance and information management together with Ripple. In any case, as Web3 moves towards mass adoption, Ripple is bound to continue to promote the innovation of global digital assets and bring efficient and breakthrough blockchain solutions to more enterprises and academic units.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
