Blockchain payment giant Ripple has officially secured 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 obtained its DFSA license, granting it the ability to operate within the Dubai International Financial Centre (DIFC), a special economic zone with its own tax policies and regulatory framework.
This milestone comes nearly six months after Ripple first disclosed it had received in-principle approval from the DFSA. On October 1, 2024, the firm revealed its intent to obtain full licensing as part of its broader strategy to expand digital asset infrastructure in the UAE.
Expanding Blockchain-Based Payment Solutions
With this regulatory green light, Ripple can now extend its blockchain-powered payment solutions to businesses across the UAE. The company aims to support financial institutions looking to integrate digital assets into real-world financial applications.
Ripple CEO Brad Garlinghouse highlighted the UAE’s role in fostering crypto innovation, crediting the country’s proactive regulatory stance.
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” Garlinghouse stated.
Ripple also reported surging demand for cross-border payments in the Middle East, not only from crypto-native firms but also from traditional financial institutions seeking efficient digital payment solutions.
Navigating UAE’s Stablecoin Regulations
As Ripple expands in the region, the company is closely monitoring the Central Bank of the UAE’s (CBUAE) evolving stablecoin regulations. A company spokesperson confirmed that Ripple is actively engaging with regulators to ensure compliance.
“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.
The firm emphasized its commitment to making its stablecoin, RLUSD, widely available. Currently, RLUSD is accessible in the UAE through the crypto exchange CoinMENA.
Ripple Becomes First Blockchain Payments Provider in DIFC
With DFSA approval in hand, Ripple has become the first blockchain-enabled payments provider to operate within DIFC’s free zone, a distinction noted by 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,” Amiri said.
This regulatory achievement positions Ripple to capitalize on growth opportunities in both the UAE and the wider MENA region, solidifying its presence as a leading player in blockchain-powered financial services.
