The latest DFSA approval unlocks Ripple’s end-to-end payment services in the UAE, boosting Middle East operations.
Ripple, the provider of digital asset infrastructure, has secured in-principle approval from the Dubai Financial Services Authority (DFSA) in order to expand its services from the Dubai International Financial Centre (DIFC).
This milestone is said to solidify Ripple’s international operations as a regulated entity and enables the launch of cross-border payment services, such as Ripple Payments Direct (RPD), in the United Arab Emirates (UAE).
With DFSA Authorization, Ripple is set to introduce its enterprise-grade digital asset infrastructure to a broader customer base in the UAE.
This expansion is said to be consistent with Fintech firm Ripple’s goal of offering businesses with quicker, cheaper and overall more efficient cross-border payment services, by bringing together regulatory compliance with investments in infrastructure components like liquidity, b custody and on/off-ramps between fiat & digital assets.
Ripple will reportedly be the first blockchain-powered payment services provider to be licensed by the DFSA, the regulator of financial services carried out from the DIFC.
The in-principle license approval from the DFSA confirms Ripple’s business strategy to expand its operations in the Middle East, after the launch of its local headquarters in Dubai back in 2020.
The UAE’s regulatory “clarity” and key position as a financial services and trade hub, with access to markets across the Middle East and wider MENA regon have been motivating factors in Ripple’s decision to continue investing in the area.
The extensive regulatory framework formed by the DFSA as well as other regulators in the nation, has established an environment where crypto firms can excel.
The in-principle license is part of Ripple’s overall strategy to work closely with regulators and policymakers to integrate compliant blockchain and crypto tech that complement the wider financial system.
Ripple, which holds more than 55 licenses, including from the Monetary Authority of Singapore (MAS), the New York Department of Financial Services (NYDFS), and the Central Bank of Ireland (CBI), continues to focus on ensuring regulatory compliance in an effort to support blockchain adoption in financial services.
Further extending its commitment to enabling crypto and blockchain adoption, Ripple’s announced a key partnership with the DIFC Innovation Hub, part of the firm’s international 1B XRP Fund program, solidifies blockchain and digital asset innovation in the UAE by linking up emerging developers with DIFC’s network, which includes 1,000+ tech companies, all-digital labs, and venture capital entities.
Ripple has also reportedly renewed its partnership with NYU Abu Dhabi via the University Blockchain Research Initiative (UBRI), increasing the funding grant to $1 million+ in an effort to support NYU Abu Dhabi’s research projects.
