Ripple secured an in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC).
This regulatory milestone marks a significant step in Ripple’s global expansion, enabling it to introduce end-to-end cross-border payment services, including Ripple Payments Direct (RPD), within the UAE.
With this DFSA authorisation, Ripple will roll out its enterprise-grade digital asset infrastructure to a wider customer base in the UAE.
This expansion aligns with the digital asset services company’s mission to provide businesses with faster, cost-effective, and efficient cross-border payment solutions.
“Blockchain and crypto technologies are here to stay, with its forward-thinking regulatory approach and clear guidance for innovative businesses, the UAE is positioning itself as a global leader in this new era of financial technology,” said CEO Brad Garlinghouse.
Ripple becomes the first blockchain-enabled payment services provider to be licensed by the DFSA, reinforcing its strategic focus on growing operations in the Middle East since establishing its regional headquarters in Dubai in 2020.
The UAE’s regulatory clarity and position as a global financial services hub played a crucial role in Ripple’s decision to continue investing in the region.
Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority, commented on the news: “At DIFC, we are committed to fostering a future-focused financial ecosystem that supports innovation and growth. Dubai’s strategic location and DIFC’s robust legal and regulatory framework make this the ideal hub for international businesses looking to make a lasting impact. We are proud to welcome Ripple’s continued expansion in the DIFC as they work to drive the growth of blockchain technology in the region.”
Ripple’s broader strategy with regulators
The new in-principle licence is part of the digital asset services provider’s broader strategy to collaborate with regulators and policymakers globally to integrate compliant blockchain technologies that complement the existing financial system. Ripple, which already holds more than 55 licences worldwide, continues to prioritise regulatory compliance to support blockchain adoption in financial services.
“This is a pivotal moment for Ripple’s operations in the Middle East. The DFSA is a globally renowned independent regulator with a rigorous regulatory process, and we are delighted to have received their in-principle approval,” said Managing Director, Middle East and Africa Reece Merrick.
“Over 20 per cent of Ripple’s global customer base is located in the UAE, and as we expand our operations and services, we are fulfilling the growing demand for more efficient and cost-effective cross-border payment solutions. We look forward to supporting the UAE’s vision to become a leading global crypto and fintech hub by driving institutional adoption of blockchain technology.”
Furthering its commitment to blockchain innovation, the company recently partnered with the DIFC Innovation Hub as part of its global 1B XRP Fund programme. This partnership aims to strengthen digital asset innovation in the UAE by connecting developers with DIFC’s extensive innovation network of over 1,000 tech firms, digital labs, and venture capital entities.
Additionally, Ripple renewed its partnership with NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI), increasing its funding grant to over $1 million to support research projects and student initiatives focused on blockchain technology.
Follow us on
