cryptopolitan.com 01 October 2024 09:55, UTC

Ripple, a digital assets infrastructure, has secured in-principle approval from the UAE’s Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC).

This, as per Ripple, will strengthen its global footprint as a regulated entity. Once fully licensed, Ripple will be the first blockchain-enabled payment services provider to be licensed by the DFSA, the independent regulator of financial services conducted in or from the DIFC.

Ripple will introduce seamless cross-border payment services, including Ripple Payments Direct (RPD), in the United Arab Emirates.

Ripple will offer cross-border payment solutions in the UAE

According to the press release, the DFSA Authorization will allow Ripple to roll out its enterprise-grade digital asset infrastructure to a broader customer base in the UAE. This expansion will offer businesses cost-effective and more efficient cross-border payment solutions by combining robust regulatory compliance with ongoing investments in critical infrastructure components such as liquidity, best-in-class custody, and on/off-ramps between fiat, and digital assets.

“Blockchain and crypto technologies are here to stay,” said Brad Garlinghouse, Ripple’s Chief Executive Officer. “With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.”

In-principle approval is part of Ripple’s strategy in MENA

The in-principle license approval from the DFSA underscores Ripple’s strategy to expand its presence in the Middle East, following the establishment of its regional headquarters in Dubai in 2020. The new in-principle license is part of Ripple’s broader strategy to collaborate with regulators and policymakers worldwide to integrate compliant blockchain and crypto technologies that complement the existing financial system.

Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority, said, “At DIFC, we are committed to fostering a future-focused financial ecosystem that supports innovation and growth. We are proud to welcome Ripple’s continued expansion in the DIFC as they work to drive the growth of blockchain technology in the region.”

Ripple, which holds over 55 licenses worldwide, 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 prioritize regulatory compliance in order to support blockchain adoption in financial services.

“This is a pivotal moment for Ripple’s operations in the Middle East. The DFSA is a globally renowned independent regulator with a rigorous regulatory process and we are delighted to have received their in-principal approval. Over 20% of Ripple’s global customer base is located in the UAE and as we continue to extend our operations and services, we are fulfilling the growing demand for more efficient and cost-effective cross-border payment solutions,” said Reece Merrick, Ripple Managing Director, Middle East and Africa.