Ripple, a blockchain-based digital payment company, has received approval from the Dubai Financial Services Authority (DFSA) to provide regulated cryptocurrency payments and services within the Dubai International Financial Centre (DIFC).
This license marks Ripple’s first regulatory approval in the Middle East, a region where the company has been expanding since establishing its Middle East headquarters in DIFC in 2020.
Currently, around 20% of Ripple’s global customers are based in the Middle East, reflecting the region’s growing interest in blockchain-powered financial solutions.
The approval aligns with Dubai’s efforts to become a global hub for cryptocurrency and blockchain adoption. Many financial institutions in the Middle East have shown strong interest in integrating digital asset solutions, with over 82% of finance leaders in the region expressing confidence in blockchain technology.
Impact on Crypto Payments and Stablecoin Growth
The approval will enable businesses in the UAE to use Ripple’s payment solutions for faster and more efficient cross-border transactions. One of the key benefits of blockchain-based payments is real-time settlement, an advantage over traditional banking systems that can take days to process transactions.
Ripple’s expansion in the UAE could also boost the adoption of stablecoins in the region. The company’s RLUSD stablecoin, launched in December, has already surpassed a $100 million market cap.
Expanding Regulatory Approvals
Ripple’s DFSA license adds to its growing list of global regulatory approvals. The company has secured over 60 licenses worldwide, including a Major Payments Institution license from Singapore’s Monetary Authority (MAS), a Trust Charter from the New York Department of Financial Services (NYDFS), a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, and various Money Transmitter Licenses across multiple U.S. states.