Thomas Daniels
Ripple has obtained in-principle approval from the Dubai Financial Services Authority (DFSA), allowing the blockchain company to extend its cross-border payment solutions across the Middle East. This development marks a significant step in Ripple’s international expansion, building on its existing presence at the Dubai International Financial Centre (DIFC).
The approval enables Ripple to launch its Ripple Payments Direct service in the UAE, facilitating streamlined cross-border transactions. According to Ripple’s Oct. 1 blog post, the DFSA authorization will help the company offer its enterprise-grade digital asset infrastructure to a broader customer base in the region.
Brad Garlinghouse, Ripple’s CEO, highlighted the UAE’s progressive regulatory environment, which is fostering the growth of innovative financial technologies. “With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology,” Garlinghouse stated.
This approval is part of Ripple’s broader strategy to work closely with regulators worldwide, integrating blockchain technology into existing financial ecosystems. Ripple already holds more than 55 licenses globally, including from Singapore’s Monetary Authority and the New York Department of Financial Services.
Reece Merrick, Ripple’s managing director for the Middle East and Africa, emphasized that over 20% of Ripple’s global customers are based in the UAE. Merrick expressed the company’s commitment to supporting the UAE’s ambitions of becoming a global hub for crypto and fintech innovation. Despite this milestone, XRP has seen a 3.3% decline, trading at $0.62 at the time of the announcement.
