Digital asset infrastructure provider Ripple has received in-principle approval from the Dubai Financial Services Authority (DFSA) to boost its operations in the Middle East.
The licence will enable the company to extend its services from the Dubai International Financial Centre (DIFC) as well as bolster its global footprint as a regulated entity.
In addition, Ripple will be able to introduce seamless cross-border payment services, including Ripple Payments Direct (RPD), in the UAE.
Ripple also plans to expand its enterprise-grade digital asset infrastructure to a broader customer base in the UAE with the DFSA authorisation.
By combining regulatory compliance with investments in critical infrastructure components, such as liquidity, custody, and on/off-ramps between fiat and digital assets, the company aims to provide businesses with faster, more cost-effective cross-border payment solutions.
DIFC Authority chief business development officer Salmaan Jaffery said: “Dubai’s strategic location and DIFC’s robust legal and regulatory framework, built on two decades of experience, makes this the ideal hub for international businesses looking to make a lasting impact.
“We are proud to welcome Ripple’s continued expansion in the DIFC as they work to drive the growth of blockchain technology in the region.”
According to Ripple, it is the first blockchain-enabled payment services provider to be licensed by the DFSA. The approval is in line with the company’s plan to expand its presence in the Middle East.
The company’s strategy includes collaboration with regulators and policymakers across the globe to integrate compliant blockchain and crypto technologies into the existing financial system.
Ripple CEO Brad Garlinghouse said: “Blockchain and crypto technologies are here to stay.
“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.”
Ripple established its regional headquarters in Dubai in 2020. It holds more than 55 licences globally, including those from the New York Department of Financial Services, the Monetary Authority of Singapore, and the Central Bank of Ireland.
Recently, the digital asset infrastructure provider joined forces with the DIFC Innovation Hub to boost blockchain and digital asset innovation in the UAE. This will be done by connecting emerging developers with DIFC’s innovation network, which includes more than 1,000 tech firms, digital labs, and venture capital entities.
