United

2024

Read

Dubai

<p class="is-style-lead">Ripple has received in-principle approval from the Dubai Financial Services Authority to enhance its cross-border payment solutions in the Middle East.</p> 
<p><a href="https://crypto.news/tag/ripplenet/" target="_blank">Ripple</a> is expanding its international presence by securing in-principle approval from the Dubai Financial Services Authority to broaden its operations from the Dubai International Financial Centre.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">We’re delighted to have secured in-principle approval of a financial services license from Dubai Financial Services Authority, unlocking our end-to-end managed payments services in the UAE. 🌍🇦🇪<a rel="" href="https://t.co/4zq8YPlgaG" target="_blank">https://t.co/4zq8YPlgaG</a></p>— Ripple (@Ripple) <a href="https://twitter.com/Ripple/status/1841013971676967283?ref_src=twsrc%5Etfw" target="_blank">October 1, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>With the latest milestone, Ripple said in an Oct. 1 <a href="https://ripple.com/ripple-press/ripple-receives-in-principle-approval-from-the-dubai-financial-services-authority/" target="_blank">blog announcement</a> it can now launch Ripple Payments Direct service in the <a href="https://crypto.news/tag/united-arab-emirates/" target="_blank">United Arab Emirates</a>, facilitating seamless cross-border payments. With DFSA authorization, Ripple plans to extend its enterprise-grade digital asset infrastructure to a “broader customer base in the UAE.”</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>“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.”</p> 
 <p>Brad Garlinghouse, Ripple CEO</p> 
</blockquote> 
<p>The approval from the DFSA comes as part of Ripple’s broader strategy to collaborate with regulators globally, integrating blockchain into existing financial frameworks. Besides Dubai, Ripple holds over 55 licenses worldwide, including from Singapore’s Monetary Authority and New York’s Department of Financial Services.</p> 
<p>Reece Merrick, managing director for Ripple in the Middle East and Africa, noted that over 20% of Ripple’s global customer base is located in the UAE, expressing enthusiasm for supporting the UAE’s ambition to become a global crypto and fintech hub. However, despite the latest development, (<a href="https://crypto.news/price/xrp/" target="_blank">XRP</a>) price has dipped 3.3%, trading at $0.62 as of press time.</p> 
<p> Read more: <a rel="" href="https://crypto.news/ripples-chris-larsen-leads-10m-investment-in-yellow-network/"> Ripple’s Chris Larsen leads $10m investment in Yellow Network </a> </p>

Ripple secures in-principle approval to expand services in UAE

crypto.news

Other articles published on Oct 1, 2024

Next Cryptocurrency to Explode, October 1 — Fantom, Echelon Prime, Woo, Electroneum

Swan Does Not Have a Mining Business of Its Own: Proton

Ripple Labs Expands Its Services with DFSA Approval

Spot Bitcoin ETFs Log $61.3M Inflows, Extending 8-Day Streak

US Dollar’s Share in Global Reserves Falls to Lowest Level in Decades

Why Most of Tron (TRX) Traders Are Allocating Their Investments In Cybro Ai Yeild Aggregator

Join our free newsletter for daily crypto updates!