United

Dubai

<p>Leading provider of digital asset infrastructure,Ripple, has received in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its operations in the Dubai International Financial Centre (DIFC). </p> 
<p>This remarkable milestone strengthens Ripple’s position as a regulated entity and enables the launch of its cross-border payment service, Ripple Payments Direct (RPD), in the United Arab Emirates (UAE).</p> 
<p>With this authorization, Ripple is set to extend its enterprise-grade digital asset infrastructure to a broader customer base in the UAE. The move aligns with Ripple’s mission to offer faster, cost-effective, and more efficient cross-border payment solutions by combining regulatory compliance with key investments in liquidity, custody, and on/off-ramps between fiat and digital assets.</p> 
<p>Brad Garlinghouse, Ripple’s CEO, expressed his optimism about the UAE’s regulatory environment, stating, “Blockchain and crypto technologies are here to stay. The UAE’s forward-thinking regulatory approach positions the country as a global leader in financial technology.”</p> 
<h3 class="wp-block-heading" id="h-pioneering-blockchain-enabled-payments-in-dubai">Pioneering Blockchain-Enabled Payments in Dubai</h3> 
<p>Ripple will become the first blockchain-powered payment services provider to be licensed by the DFSA, the independent regulator overseeing financial services in the DIFC. This development is a major step forward for Ripple’s expansion in the Middle East, following the establishment of its regional headquarters in Dubai in 2020.</p> 
<p>The UAE’s strategic location and clear regulatory framework were key factors in Ripple’s decision to deepen its investment in the region. As a global financial services and trade hub, Dubai offers access to emerging markets across the Middle East, Africa, and South Asia, making it an ideal location for blockchain and fintech innovation.</p> 
<p>Salmaan Jaffery, Chief Business Development Officer at the DIFC Authority, welcomed Ripple’s continued expansion, noting, “Dubai’s strategic location and DIFC’s robust legal and regulatory framework make this the ideal hub for international businesses. We are proud to support Ripple as they drive the growth of blockchain technology in the region.”</p> 
<h3 class="wp-block-heading" id="h-a-global-strategy-for-compliance-and-innovation">A Global Strategy for Compliance and Innovation</h3> 
<p>Ripple’s latest DFSA approval is part of its broader global strategy to work with regulators and integrate compliant blockchain and crypto technologies into the existing financial system. </p> 
<p>According to the company, which holds over 55 licenses globally—including from regulators in Singapore, New York, and Ireland— it places regulatory compliance at the forefront of its efforts to promote blockchain adoption in financial services.</p> 
<p>Reece Merrick, Managing Director for Ripple in the Middle East and Africa, highlighted the significance of the approval, noting that 20% of Ripple’s global customer base is located in the UAE. He added, “We are fulfilling the growing demand for more efficient and cost-effective cross-border payment solutions. Ripple looks forward to supporting the UAE’s vision of becoming a leading global crypto and fintech hub.”</p> 
<h3 class="wp-block-heading" id="h-advancing-blockchain-innovation-in-the-uae">Advancing Blockchain Innovation in the UAE</h3> 
<p>In addition to regulatory achievements, Ripple has announced new partnerships aimed at accelerating crypto and blockchain adoption in the UAE. </p> 
<p>Its collaboration with the DIFC Innovation Hub will further support blockchain innovation by connecting developers with over 1,000 tech firms and venture capital entities. Moreover, Ripple has renewed its <a href="https://www.unlock-bc.com/128468/ripple-extends-partnership-nyu-abu-dhabi-boost-blockchain-research/">partnership with NYU Abu Dhabi </a>through the University Blockchain Research Initiative (UBRI), increasing its total funding to over $1 million to support blockchain research and student initiatives.</p>  
<p>The post <a href="https://www.unlock-bc.com/130133/ripple-secures-in-principle-approval-first-blockchain-powered-payment-provider-licensed-dfsa/">Ripple Secures In-Principle Approval as First Blockchain-Powered Payment Provider Licensed by DFSA</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.</p>

Ripple Secures In-Principle Approval as First Blockchain-Powered Payment Provider Licensed by DFSA

Table of Contents

UNLOCK_ENG

Other articles published on Oct 1, 2024

"Uptober" Shibarium Tweet Issued by SHIB Team

Metaplanet Expands Bitcoin Holdings With $6.9M New Purchase

Binance Founder CZ Shifts Focus to Blockchain, AI, and Charity After US Release

Sui Price Prediction: SUI Kickstarts Uptober With An 8% Surge, But Experts Say Consider This New ...

Is Hedera ETF Next In Line After First US HBAR Trust Launch?

Top Trending Cryptos on Solana Chain Today – NOTDOG, PEPA THE PIG, World’s Smallest Bunny

Join our free newsletter for daily crypto updates!