Dubai, United Arab Emirates An important turning point in Ripple’s Middle East growth has been reached as the company became the first blockchain payments provider to be licensed by the Dubai Financial Services Authority (DFSA).
The approval allows Ripple to operate within the Dubai International Financial Centre (DIFC), a crucial financial hub in a region where cross-border payments total approximately $40 billion, according to World Bank data.
Expanding in a Crypto-Friendly Market
Ripple’s position in a country renowned for its progressive legislative attitude to cryptocurrencies is further strengthened by Dubai’s dedication to becoming a worldwide leader in fintech. The DFSA license strengthens Ripple’s compliance-focused approach to blockchain innovation by allowing it to offer its XRP Ledger (XRPL)-powered payment solutions to financial institutions in the United Arab Emirates.
Ripple CEO Brad Garlinghouse commended Dubai’s leadership for fostering a forward-thinking ecosystem for tech and crypto growth. “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” he said.
Since establishing its regional headquarters in the DIFC in 2020, Ripple has steadily expanded its footprint in the Middle East. The latest approval solidifies its role in a market with a growing demand for blockchain-based cross-border payments.
Global Growth Amid SEC Lawsuit Speculation
Ripple’s latest regulatory achievement adds to its expanding portfolio of licenses, bringing its total to over 60 approvals worldwide.
This significant event comes amid rumors of a possible settlement in Ripple’s protracted legal dispute with the Securities and Exchange Commission (SEC) of the United States. As regulatory objectives change under Donald Trump’s administration, Fox Business correspondent Eleanor Terrett reports that individuals familiar with the issue suggest that talks for a more favorable settlement may be coming to an end.
Despite legal challenges in the U.S., Ripple continues its global expansion with regulatory approvals from key financial authorities, including:
- Monetary Authority of Singapore (MAS)
- New York Department of Financial Services (NYDFS)
- Central Bank of Ireland’s Virtual Asset Service Provider (VASP) registration
- U.S. Money Transmitter Licenses (MTLs)
With its most recent DFSA clearance, Ripple solidifies its position as a major player in blockchain-based payments, bolstering its clout in the Middle East and setting itself up for future worldwide supremacy.
