Dubai has officially approved Ripple for regulated crypto services, allowing the blockchain payments company to operate within the Dubai International Financial Centre (DIFC). In an announcement on Thursday, Ripple confirmed that the Dubai Financial Services Authority (DFSA) has granted it a license to offer regulated crypto payments and services. This milestone makes Ripple the first blockchain-powered payments provider to receive such authorization within the DIFC. Notably, the approval marks Ripple’s first regulatory license in the Middle East, reinforcing its status as a trusted partner for financial institutions seeking to leverage digital assets for seamless cross-border transactions. Ripple CEO Brad Garlinghouse emphasized the significance of the approval, writing, “ We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity worldwide and increasing institutional adoption.” He also praised the UAE’s proactive approach to innovation, noting that its early leadership in fostering a supportive environment for technology and crypto positions the country to reap significant benefits. DIFC CEO Arif Amiri welcomed Ripple’s regulatory milestone, thanking the San Francisco-based Fin-tech firm for deepening its commitment to Dubai by securing a DFSA license. According to World Bank data, the UAE’s cross-border payments market is valued at $40 billion, positioning Dubai as a key global financial hub. Ripple has seen rising demand in the Middle East, as crypto-native firms and traditional financial institutions seek blockchain-based solutions to overcome inefficiencies in cross-border transactions, including high fees, slow settlement times, and lack of transparency. A 2024 Ripple business survey revealed that 64% of finance leaders in the Middle East and Africa (MEA) region consider faster payments and settlement times the biggest advantage of blockchain-based solutions. Ripple established its Middle East headquarters in DIFC in 2020 and has since steadily expanded in the region. With approximately 20% of its global customer base already operating in the Middle East, this regulatory approval is expected to accelerate its growth further. The latest milestone follows Ripple’s August 2024 partnership with the DIFC to drive institutional adoption of blockchain and digital assets in the region. In late 2021, Ripple announced a partnership with Pyypl, a UAE-based blockchain financial services firm. This marked the first-ever in-market deployment of On-Demand Liquidity (ODL) in the Middle East. This initiative aimed to enable instant, low-cost remittances, starting with the UAE. That said, as regulatory clarity improves worldwide, Ripple expands its footprint. It now holds over 60 regulatory licenses, including approvals from the U.S., Singapore, and Ireland.
