Ripple secures in-principle approval to expand services in UAE

Ripple has received in-principle approval from the Dubai Financial Services Authority to develop cross-border payment solutions in the Middle East.

Ripple is expanding its international presence by receiving in-principle approval from the Dubai Financial Services Authority to expand its operations from the Dubai International Financial Centre.

We are delighted to have received approval in principle for a financial services license from the Dubai Financial Services Authority, unlocking our end-to-end managed payment services in the UAE. 🌍🇦🇪https://t.co/4zq8YPlgaG

— Ripple (@Ripple) October 1, 2024

With this latest milestone, Ripple said in its Oct. 1 blog announcement that it can now launch its Ripple Payments Direct service, which facilitates seamless cross-border payments in the United Arab Emirates. With the DFSA authorization, Ripple plans to expand its institutional-grade digital asset infrastructure to a “broader customer base in the UAE.”

“With its forward-thinking regulatory approach and clear guidance for innovative businesses looking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.”

Brad Garlinghouse, Ripple CEO

The DFSA’s approval comes as part of Ripple’s broader strategy to integrate blockchain into existing financial frameworks by collaborating with regulators around the world. Besides Dubai, Ripple has more than 55 licenses around the world, including the Monetary Authority of Singapore and the New York Department of Financial Services.

Reece Merrick, Ripple’s managing director in the Middle East and Africa, stated that more than 20% of Ripple’s global customer base is located in the UAE, expressing his excitement to support the UAE’s ambition to become a global crypto and fintech hub. However, despite the latest development, the price of (XRP) decreased by 3.3% and is traded at $ 0.62 as of the moment the news was published.