Update March 13, 9:22 am UTC: This article has been updated to add comments from a Ripple spokesperson.
Blockchain payment provider Ripple received full regulatory approval from the Dubai Financial Services Authority (DFSA) to offer cross-border crypto payment services in the United Arab Emirates (UAE).
The company announced on March 13 that it had secured its DFSA license, allowing it to operate in the Dubai International Financial Center (DIFC), a UAE free-economic zone with its own tax policies and regulatory framework.
The announcement came almost six months after the company announced its receipt of an in-principle approval of the DFSA license. On Oct. 1, 2024, Ripple revealed that it was working to become licensed by the DFSA as it aimed to roll out its digital asset infrastructure in the UAE.
Enabling blockchain-based global payments for UAE businesses
With this license, Ripple can now provide its global blockchain-based payment solutions to businesses across the UAE. The company said this allows it to cater to financial institutions looking for partners to help them use digital assets in real-world applications.
In a news release sent to Cointelegraph, Ripple CEO Brad Garlinghouse said the UAE is “well-placed” to benefit from tech and crypto innovation, thanks to its early leadership and supportive environment:
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.”
Ripple also reported that it had seen increased demand across the Middle East for cross-border payments. The company said the demand was not limited to crypto-native firms but also came from traditional financial institutions.
In a statement, a Ripple spokesperson told Cointelegraph that the company is also working to understand stablecoin requirements to comply with upcoming regulations in the UAE. The spokesperson said the firm monitors the Central Bank of the UAE’s (CBUAE) moves to regulate stablecoins.
“This is something we’re monitoring closely, and we are working with the CBUAE to understand the requirements and timelines for when this regulation comes into effect,” the spokesperson said.
They added that Ripple is making it a priority to ensure the worldwide availability of RLUSD. The stablecoin is available in the UAE through a crypto exchange called CoinMENA.
Related: UAE to introduce legal framework for DAOs
Ripple becomes the first crypto payment provider in the DIFC
With DFSA approval, Ripple has become the first blockchain-enabled payments provider to operate within DIFC’s free zone, according to DIFC CEO Arif Amiri.
”We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC,” he said.
The license allows Ripple to tap into opportunities in the UAE and the broader MENA region, he added.
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