- Ripple gained in-principle approval from DFSA to operate in the UAE and launch cross-border payment solutions.
- Ripple is the first blockchain payment provider licensed by the DIFC’s financial regulatory body in Dubai.
- Ripple holds over 55 global regulatory licenses, supporting its strategy of compliant blockchain expansion in the UAE.
Ripple has received approval from the Dubai Financial Services Authority (DFSA) to expand its services in the UAE. This approval allows the company to operate within the Dubai International Financial Centre (DIFC), a crucial step in its plan for growth in the Middle East. As a result, Ripple is set to introduce Ripple Payments Direct, a cross-border payment system, in the UAE.
Ripple Expansion of Digital Infrastructure
The company is now ready to enhance its digital payment services in the region with the approval. This decision aligns with its goal of offering businesses faster and more cost-effective international transactions.
The company plans to enhance its position in the Middle East through regulatory adherence and robust infrastructure development. The approval follows XRP’s VARA approval in Dubai earlier this year.
Strategic Importance of the UAE
The CEO of Ripple further detailed how blockchain can help shape the future of the financial industry. He believes the UAE is the perfect location for the company, as it has firmly established itself as a global hub for international banking and trade. Additionally, the UAE’s progressive approach and strategic location make it an ideal market for it to expand its blockchain services.
This authorization makes Ripple the first payment service provider using blockchain technology to be licensed by the DIFC’s regulatory agency. By working closely with regulators worldwide, the company ensures it complies with laws and accelerates the global expansion of its services. Additionally, this strategy strengthens Ripple’s position in the international market.
Support from DIFC for Blockchain Innovation
Salmaan Jaffery, who is the Chief Business Development Officer at DIFC, praised the decision. He observed that Dubai’s robust legal and regulatory structure provides a conducive setting for technology and financial companies to expand. This growth could lead to increased use of blockchain technology in the area.
Ripple possesses over 55 regulatory licenses worldwide. This approval is a significant step forward in its strategy for the Middle East, in accordance with the UAE’s objective to position itself as a premier hub for cryptocurrency and fintech growth.
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