Ripple, a leading provider of enterprise blockchain and crypto solutions, announced Thursday that it had bagged full regulatory approval from the Dubai Financial Services Authority (DFSA) to offer cross-border crypto payment services in the United Arab Emirates (UAE). With its new Dubai license, Ripple is poised to tap into the UAE’s flourishing $40 billion cross-border payments market. Ripple Secures Regulatory Approval To Offer Crypto Payments In UAE Ripple has just obtained a license to offer blockchain-powered payment solutions in Dubai. The approval makes Ripple the first payments provider of its kind licensed to operate within the Dubai International Financial Centre (DIFC) and marks a huge expansion in the Middle East. “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” said Ripple CEO Brad Garlinghouse in a statement . https://twitter.com/Ripple/status/1900049647239934345 Garlinghouse added that the UAE is “exceptionally well-placed” to benefit from this period of growth as it has taken early steps to create a conducive environment for cryptocurrency innovation. The latest approval follows Ripple’s in-principle DFSA license approval in October 2024, which allowed the firm to launch its services in the DIFC, a UAE free-zone with its own tax policies and regulatory framework. “This latest regulatory approval positions Ripple to further accelerate growth and innovation in a high-potential market,” Ripple wrote. The company noted on March 13 that the United Arab Emirates boasts a $40 billion cross-border payments market, which has witnessed demand for more seamless payment solutions. Ripple believes the need for real-time settlements will also fuel stablecoin adoption in the region. Ripple’s U.S.-dollar-backed RLUSD stablecoin launched in December and currently has a market capitalization of around $135 million. Ripple vs. SEC Ripple’s official entry into the UAE market comes amid reports that the U.S. Securities and Exchange Commission (SEC) is preparing to end its enforcement action against the company after more than four years. This comes as the agency, under U.S. President Donald Trump and the helm of Mark Uyeda , has shifted to a positive stance on crypto. Despite the prolonged case, Ripple remained undeterred, boasting an extensive license portfolio. With the DFSA license, Ripple’s global regulatory approval count now exceeds 60, including a Major Payments Institution license from the Monetary Authority of Singapore (MAS) and the New York Department of Financial Services (NYDFS) Trust Charter, among others. Ripple’s Dubai license and the potential resolution of the Ripple-SEC lawsuit are set to position XRP for more mainstream adoption, as the XRPArmy envisions the highly coveted $3 price point. The crypto asset was trading at $2.32 at press time, reflecting a 7% jump over the past 24 hours.
