u.today 01 October 2024 18:52, UTC

Ripple CEO Brad Garlinghouse recently commented on the company’s latest regulatory milestone in the Middle East.

Earlier today, the company announced that it had secured approval from the Dubai Financial Services Authority (DFSA), the regulatory agency that oversees the financial services that are conducted within the the Dubai International Financial Centre (DIFC).

After receiving the green light from the DFSA, Ripple can now expand its payment services in the UAE. It has become the first blockchain-powered payment provider that has managed to achieve such a milestone.

In his social media post, Garlinghouse has stressed the importance of regulatory clarity, stating that this is exactly what businesses want. “The UAE understands that,” the Ripple boss added.

Ripple has long had a strong presence in the MENA region, which boasts significant wealth. As reported by U.Today, this is due to the adoption of Ripple’s products and crypto-friendly regulation. Years ago, Ripple secured partnerships with financial institutions in countries like the UAE, Saudi Arabia, Kuwait, and Oman.

Back in November 2020, Ripple opened a regional headquarters in Dubai amid rumors that the San Francisco-based company was planning to leave the U.S.

Garlinghouse has repeatedly praised the UAE as an example one of the most crypto-friendly jurisdictions.

Ripple’s Reece Merrick described the latest license as a “pivotal moment” for the company’s operations in the Middle East. Merrick added that Ripple would assist the UAE in implementing its vision of becoming the leading pro-crypto country.