Following this announcement, Ripple has secured in-principle approval from the Dubai Financial Services Authority (DFSA) in order to expand its services from the Dubai International Financial Centre (DIFC). This is expected to significantly strengthen Ripple’s global footprint as a regulated entity, while also enabling the introduction of secure and efficient cross-border payment solutions, including the Ripple Payments Direct (RPD), in the United Arab Emirates (UAE).
In addition, the financial institution will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
The DFSA Authorisation is expected to enable Ripple to roll out its enterprise-grade digital asset infrastructure to a broader customer base in the region of the UAE. This expansion is aligned with Ripple’s overall mission of delivering businesses faster, cost-effective, and efficient cross-border payment services, by combining robust regulatory compliance with ongoing investments in the critical infrastructure components. These include liquidity, improved custody, and on/off-ramps between fiat and digital assets.
In addition, the new in-principle licence is part of Ripple’s broader strategy to collaborate with several regulators and policymakers worldwide, aimed at integrating compliant blockchain and crypto technologies that complement the existing financial system.
At the same time, the initiative also aligns with Ripple’s plan to expand its presence in the region of the Middle East, following the establishment of its regional headquarters in Dubai which took place back in 2020. According to the company’s officials, over 20% of its global customer base is located in UAE, and as Ripple continues to extend its operations and products, it also fulfills the growing demand for more secure and cost-effective cross-border payment solutions.
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