Ripple Receives Dubai Approval For Blockchain Payment Services
By Benzinga
The Dubai Financial Services Authority (DFSA) has granted in-principle approval to Ripple (CRYPTO: XRP) to offer blockchain-enabled payment services from the Dubai International Financial Centre (DIFC).
What Happened: This regulatory decision allows Ripple to introduce its cross-border payment services, including Ripple Payments Direct (RPD), to customers in the United Arab Emirates (UAE).
Brad Garlinghouse, Ripple’s Chief Executive Officer, said, “Blockchain and crypto technologies are here to stay. 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.”
Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority said Dubai’s strategic location and DIFC’s robust legal and regulatory framework, built on two decades of experience, makes this the ideal hub for international businesses looking to make a lasting impact.
Ripple’s regional presence in Dubai dates back to 2020 when it established its headquarters in the city.
The company reports that over 20% of its global customer base is located in the UAE, indicating significant regional interest in its services.
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Ripple’s in-principle approval is part of a broader trend of financial technology firms seeking regulatory clearance in Dubai.
Crypto.com, a cryptocurrency exchange, received provisional approval from the Dubai Virtual Assets Regulatory Authority (VARA) in 2022.
Binance, another major cryptocurrency exchange, was granted a license to conduct certain operations in Dubai in the same year.
Traditional financial institutions are also expanding their presence in Dubai’s crypto space.
Standard Chartered’s SC Ventures received preliminary approval from the DFSA to establish a crypto brokerage and exchange platform in August 2023.
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