Blockchain network Ripple obtained approval from Dubai's regulators to launch its payment infrastructure across the UAE. The in-principle approval was awarded by the Dubai Financial Services Authority (DFSA). According to the company's announcement, this move enhances its presence in the region and provides a platform for blockchain-enabled payment services in the rapidly expanding crypto space.
A Key Regulatory Win
The DFSA's approval enables Ripple to provide enterprise-grade digital asset infrastructure to a broader customer base in the UAE. With this approval, Ripple will introduce Ripple Payments Direct, a solution promising faster and more cost-effective cross-border payments.
This development aligns with Ripple's efforts to enhance payment efficiency by providing on/off-ramps between digital and fiat currencies. The company reportedly aims to use this base as a launching point for expanding operations throughout the region.
We’re delighted to have secured in-principle approval of a financial services license from Dubai Financial Services Authority, unlocking our end-to-end managed payments services in the UAE. ????????????https://t.co/4zq8YPlgaG
— Ripple (@Ripple) October 1, 2024
The decision to continue growing its presence in the UAE follows Ripple's establishment of its regional headquarters in Dubai in 2020. With the new in-principle license from the DFSA, Ripple is expanding its partnership with global regulators and policymakers.
Ripple already holds over 55 licenses globally, including from authorities such as the Monetary Authority of Singapore, the New York Department of Financial Services, and the Central Bank of Ireland.
Global Expansion
Ripple's growth in the UAE includes partnerships with innovation hubs and academic institutions. Recently, Ripple announced a partnership with the DIFC Innovation Hub as part of its global 1B XRP Fund initiative.
This partnership aims to foster blockchain and digital asset development in the region, connecting emerging developers with a network of over 1,000 tech firms, digital labs, and venture capital entities.
Through these partnerships, Ripple aims to play a key role in advancing blockchain research, nurturing talent, and driving financial innovation in the UAE, solidifying Dubai's position as a major global fintech hub.
In June, Ripple finalized the acquisition of the New York-based Standard Custody and Trust Company and enlisted the company's CEO as Senior Vice President of Stablecoins. The transaction added to Ripple's portfolio of nearly 40 US money transmitter licenses, a Major Payment Institution License in Singapore, and a Virtual Asset Service Provider registration in Ireland.
This article was written by Jared Kirui at www.financemagnates.com.
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