Ripple Secures Landmark License from Dubai Financial Services Authority
Ripple has reached a major regulatory milestone with the approval of its license by the Dubai Financial Services Authority (DFSA), becoming the first blockchain payment company to gain such recognition.
This announcement, made on March 13, follows the initial in-principle approval, allowing Ripple to expand its operations within the UAE and broader Middle Eastern region.
Reece Merrick, Managing Director for Ripple in the Middle East and Africa, highlighted that the DFSA license is a crucial step for the company. It positions Ripple to meet the rising demand for efficient, transparent, and low-cost payment solutions, particularly in a region pivotal for global trade and remittances.
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This new regulatory achievement adds to Ripple’s growing list of over 60 global licenses, including significant ones like the Major Payments Institution license from Singapore’s Monetary Authority, a Trust Charter from the New York Department of Financial Services, and various registrations in the U.S. and Europe.
Ripple’s focus on the UAE underscores its strategy to expand in regions with robust financial markets. With the UAE’s cross-border payments market valued at $40 billion, Ripple aims to provide businesses with innovative solutions to streamline international transactions. The license will allow Ripple to offer enterprise-level payment services, improving speed, lowering costs, and enhancing transaction transparency.
Ripple’s regional presence has been growing since it set up its headquarters in the Dubai International Financial Centre (DIFC) in 2020, and with the new DFSA approval, the company is poised for even greater expansion in one of the world’s most dynamic financial hubs.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
