Ripple secures in-principle approval to expand services in UAE

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

This approval allows Ripple to expand its international presence and operations from the Dubai International Financial Centre.

With this latest milestone, Ripple announced on October 1 that it can now launch its Ripple Payments Direct service in the United Arab Emirates, enabling seamless cross-border payments. With the DFSA’s authorization, Ripple aims to expand its enterprise-grade digital asset infrastructure to a wider customer base in the UAE.

“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.”

Brad Garlinghouse, Ripple CEO

The approval from the DFSA is part of Ripple’s broader strategy to work with regulators worldwide, integrating blockchain technology into existing financial frameworks. In addition to Dubai, Ripple has secured over 55 licenses globally, including those from Singapore’s Monetary Authority and New York’s Department of Financial Services.

Reece Merrick, managing director for Ripple in the Middle East and Africa, highlighted that more than 20% of Ripple’s global customer base is in the UAE, expressing enthusiasm for supporting the UAE’s goal of becoming a global hub for crypto and fintech. However, despite this positive development, XRP’s price has fallen by 3.3%, trading at $0.62 as of the latest update.