Ripple will be the first blockchain-enabled payment services provider to be licensed by the DFSA, the independent regulator of financial services conducted in or from the DIFC.
Ripple, a provider of digital asset infrastructure, has secured in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC).
This milestone significantly strengthens Ripple’s global footprint as a regulated entity and enables the introduction of seamless cross-border payment services, including Ripple Payments Direct (RPD), in the United Arab Emirates (UAE), according to media release on Tuesday.
Here to Stay
With DFSA Authorisation, Ripple is set to roll out its enterprise-grade digital asset infrastructure to a broader customer base in the UAE. This expansion is aligned with Ripple’s mission of providing businesses with faster, cost-effective and more efficient cross-border payment solutions, by combining robust regulatory compliance with ongoing investments in critical infrastructure components such as liquidity, best-in-class custody and on/off-ramps between fiat and digital assets.
«Blockchain and crypto technologies are here to stay,» said Brad Garlinghouse, Ripple’s CEO. «With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.»
First Blockchain-Enabled Payment Services Provider
Ripple will be the first blockchain-enabled payment services provider to be licensed by the DFSA, the independent regulator of financial services conducted in or from the DIFC.
The in-principle licence approval from the DFSA underscores Ripple’s strategy to expand its presence in the Middle East, following the establishment of its regional headquarters in Dubai in 2020.
