Ripple Secures Full Regulatory Approval in Dubai

Ripple has secured approval from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payments and services within the Dubai International Finance Centre (DIFC).

This approval makes Ripple the first blockchain-enabled payments provider to be licensed by the DFSA and marks Ripple’s first regulatory license in the Middle East.

Ripple established its Middle East headquarters in DIFC in 2020, with 20% of its global customer base operating in the Middle East.

By securing this approval, Ripple can now provide its compliance-first global payments product to businesses in the UAE, further tapping into the region's $400 billion-plus international trade market.

“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption," Ripple’s CEO Brad Garlinghouse stated. "Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”

Ripple highlighted the Middle East and Africa's (MEA) high crypto adoption rate, with over 82% of MEA finance leaders stating they are “very or extremely confident” when it comes to integrating blockchain solutions into their business.

There has also been rising demand from both crypto-native firms and traditional financial institutions in the Middle East, which are looking for solutions to longstanding inefficiencies in cross-border payments such as high transaction fees, lengthy settlement times, and a lack of transparency. 64% of finance leaders MEA view faster payments and settlement times as the key advantage of blockchain-based transactions, according to Ripple.

His Excellency Arif Amiri, CEO of the DIFC Authority, emphasized the significance of Ripple’s regulatory milestone, stating, , ”We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC. This milestone not only highlights our commitment to fostering innovation, but also opens the door for Ripple to tap into new growth opportunities across the region and beyond."

"As the Middle East, Africa and South Asia’s leading global financial centre, DIFC is proud to support forward-thinking companies like Ripple as they shape the future of finance and accelerate the adoption of blockchain technology in the payments industry.”

The increasing utility of crypto payments is expected to drive further stablecoin adoption in the UAE. Ripple’s RLUSD stablecoin has already surpassed a market cap of $130 million, highlighting the demand for blockchain-based financial solutions.