Ripple has secured a DFSA license to provide crypto payment services in the UAE, specifically within the Dubai International Financial Center. This approval facilitates Ripple’s provision of blockchain-based solutions to local businesses and financial institutions, responding to growing demand for cross-border payments. Moreover, Ripple is vigilant about stablecoin regulations, aiming for compliance in collaboration with the Central Bank of the UAE.
On March 13, Ripple announced it received full regulatory approval from the Dubai Financial Services Authority (DFSA) to provide cross-border crypto payment services in the United Arab Emirates (UAE). This DFSA license enables Ripple to operate within the Dubai International Financial Center (DIFC), which functions as a free-economic zone with its regulatory framework and tax policies.
The approval was granted nearly six months after Ripple received in-principle approval for the license, which it initially aimed for on October 1, 2024. Ripple’s licensing allows it to deploy its digital asset infrastructure to enhance payment solutions for UAE businesses and financial institutions utilizing digital assets in practical applications.
Ripple’s CEO, Brad Garlinghouse, stated that the UAE is strategically positioned to advance technology and cryptocurrency innovation, attributing this to the country’s proactive leadership and supportive environment. Additionally, Ripple has noted a rising demand for cross-border payment solutions throughout the Middle East, which includes interest from both crypto-focused firms and traditional financial entities.
To ensure compliance with forthcoming regulations regarding stablecoins in the UAE, Ripple is closely monitoring updates from the Central Bank of the UAE (CBUAE). A Ripple spokesperson emphasized the company’s cooperation with the CBUAE to pinpoint necessary requirements and timelines for stablecoin regulation.
Furthermore, Ripple is committed to making its stablecoin, RLUSD, widely available, with current offerings accessible through the crypto exchange CoinMENA. With DFSA approval, Ripple has emerged as the inaugural blockchain-enabled payment provider within the DIFC, as highlighted by DIFC CEO Arif Amiri, who expressed enthusiasm for Ripple’s continued investment in Dubai.
In conclusion, Ripple’s acquisition of a DFSA license marks a significant milestone in its operations within the UAE, allowing the company to offer innovative crypto payment solutions to UAE businesses and financial institutions. The increasing interest from both crypto-native and traditional sectors underlines the potential for growth in this emerging field. Furthermore, Ripple’s commitment to understanding and complying with stablecoin regulations demonstrates its proactive approach in the evolving financial landscape.
Original Source: www.tradingview.com
