Ripple has obtained a DFSA license to provide regulated crypto payment services within the DIFC, becoming the first blockchain-enabled payments provider to receive such approval. This underscores Ripple’s commitment to the Middle East and reflects the region’s growing demand for digital asset solutions, particularly in cross-border transactions.
Ripple has obtained regulatory approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payment services within the Dubai International Finance Centre (DIFC). Announced on March 13, 2025, this landmark achievement establishes Ripple as the first blockchain-enabled payments provider licensed by the DFSA.
This license reflects Ripple’s dedication to the Middle East and supports the company’s broader efforts to offer compliance-driven crypto solutions globally. It enables Ripple’s “compliance-first global payments product” to cater to businesses in the United Arab Emirates (UAE), which is increasingly recognized for its $40 billion market in cross-border remittances.
Brad Garlinghouse, Chief Executive Officer of Ripple, expressed optimism regarding the growth of the crypto industry, emphasizing that “we are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.” The UAE’s proactive regulatory environment positions it as a conducive hub for tech and crypto innovation.
Ripple has been focused on the Middle East since establishing its headquarters at the DIFC in 2020. Presently, around 20% of Ripple’s global clientele is based in the region, encompassing both crypto-native and traditional financial institutions that require solutions to challenges in cross-border transactions such as high fees and delays.
A 2024 survey by Ripple identified that 64% of finance leaders within the Middle East and Africa prioritize faster payments and settlements as pivotal for implementing blockchain-based currencies.
In a statement regarding this regulatory achievement, Arif Amiri, Chief Executive Officer of the DIFC, affirmed the significance of Ripple’s commitment to Dubai, endorsing its role in fostering innovation and indicating the potential growth opportunities this partnership presents.
With the DFSA license secured, Ripple intends to enhance its delivery of faster and more transparent cross-border transactions. Reece Merrick, Ripple’s Managing Director for the region, highlighted that this license enables Ripple to meet the growing demand for efficient cross-border transactions in a major payments hub.
Moreover, Ripple is making strides in stablecoin innovation, with its RLUSD stablecoin exceeding $100 million in market capitalization since its launch in December. As traditional banking systems often lag in processing international transactions, stablecoins are envisioned as vital components within the UAE’s payment infrastructure.
Currently, Ripple holds over 60 regulatory approvals globally, including licenses from the Monetary Authority of Singapore, New York Department of Financial Services, Central Bank of Ireland, and multiple US state licenses. At the time of reporting, XRP was traded at a value of $2.26.
Ripple’s licensing by the DFSA marks a significant milestone for the company, reflecting its commitment to compliance-driven solutions in the Middle East. With the potential for enhanced cross-border transactions and stablecoin innovation, Ripple aims to leverage the UAE’s regulatory advantages to expand its global impact. The approval demonstrates growing institutional interest and regulatory support for blockchain technology in finance.
Original Source: bitcoinist.com
