By Nermeen Nabil Khear 
Ripple has secured what it calls the “first license in the Middle East” from the Dubai Financial Services Authority (DFSA).
On Thursday, the blockchain payments giant announced that it received the DFSA license to offer regulated crypto services in the Dubai International Finance Centre (DIFC).
The full license approval comes months after the regulator granted an in-principle approval to expand its services in the region.
The XRP provider’s regulatory nod enables it to further cement the Emirate’s position as a progressive center for crypto innovation.
“This marks Ripple’s first license in the Middle East and underscores the company’s long-standing commitment to the region and regulatory compliance globally,” the crypto payments firm said in a statement.
Ripple’s Middle East Expansion
Brad Garlinghouse, CEO of Ripple, has previously lauded Dubai’s crypto-friendly attitude for digital assets-related firms. “Regulatory clarity is what businesses want, and what consumers need. The UAE understands that,” Garlinghouse commented in October last year. Notably, Ripple established its regional headquarters in Dubai in 2020.
He highlighted that the regulatory clarity is due to increasing institutional adoption.
“We are entering an unprecedented period of growth for the crypto industry,” said Garlinghouse.
“Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”
Increasing Demand for Cross-Border Payments Market in UAE
Ripple’s 2024 survey noted that 64% of financial leaders see faster payments and settlement times as the biggest factors.
Additionally, the World Bank noted that the UAE is a “global hub for international trade and outbound finance.” The nation sends almost $40 billion in cross-border transfers, the report revealed.
Besides, Ripple’s users in the Middle East represent a fifth of its global customer base, according to Reece Merrick, Ripple’s managing director for the Middle East and Africa.
Merrick told The National in an interview that with the recent license acquisition, Ripple would serve “payment services providers, exchange houses, financial institutions and large enterprise corporations. “We’re not looking to serve any retail customers,” he added.
The post Ripple Receives First License in Middle East From Dubai’s Financial Regulatory Agency appeared first on Cryptonews.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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