Key takeout
Ripple has been approved by the DFSA to provide DIFC-regulated crypto payments. Ripple’s entry into the $40 billion UAE payments market marks its first licensed business in the Middle East.
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Ripple has received permission from the Dubai Financial Services Authority (DFSA) to begin offering crypto payments and services at the Dubai International Financial Centre (DIFC), according to a press release from March 13.
The license is the first in the Middle East, and therefore can offer compliance-first global payments products to UAE companies whose cross-border payment market is valued at $40 billion, according to World Bank data.
Ripple will also become the first blockchain-enabled payment provider licensed by DFSA, strengthening its commitment to regulatory compliance and financial innovation.
“We are entering an unprecedented period of growth in the crypto industry, driven by increased clarity in regulations around the world and increased institutional adoption,” said Ripple CEO Brad Garlinghouse. He praised the UAE’s supportive ecosystem for tech and crypto innovation.
According to DIFC CEO Arif Amiri, the DFSA licensing allows Ripple to further expand its reach in the Middle East, Africa and South Asia (Measa) regions.
“This milestone not only highlights our commitment to fostering innovation, but also opens the door for Ripple to exploit new growth opportunities across the region and beyond,” Amiri said. “DIFC is proud to support advanced companies like Ripple, shaping the future of finance and accelerating the adoption of blockchain technology in the payments industry.”
The approval actually suggests a great growth potential for ripples. The company has already established a strong presence in the Middle East, reporting around 20% of the region’s global customer base.
More importantly, there is a clear market need that Ripple’s technology is designed to address. A 2024 business survey by Ripple found that 64% of MEA finance leaders saw faster payments and settlement times as the key value proposition for incorporating blockchain-based currency into cross-border payments.
“Dubai and the broader United Arab Emirates have established themselves as leaders in promoting a progressive and clearly defined regulatory framework for digital assets,” said Rismerick, managing director of the Middle East and Africa, Riple. “Securing this DFSA license is one of the world’s largest cross-border payment hubs, a major milestone that will allow us to better meet the demand for faster, cheaper, and more transparent cross-border transactions.”
DFSA recently approved USDC and Eurc, Circle’s Stablecoins, as the tokens for use in the Dubai International Financial Centre business are recognized.
This marks the initial Stablecoin approval based on the government’s cryptographic regime, allowing integration into digital asset applications such as payments and financial management.
This approval contributes to a broader regulatory framework shaped throughout the United Arab Emirates and supports the growth and innovation of digital assets.
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