Following this announcement, the initiative marks Ripple’s first licence in the Middle East, underscoring the firm’s commitment to the region and regulatory compliance across the globe.
The approval will also make Ripple’s compliance-first global payments products available for businesses in the UAE region, ensuring a secure suite of solutions for FIs that are looking to leverage the capabilities of digital assets to drive utility.
As there is an increasing demand across the Middle East from crypto-native firms and traditional financial institutions alike for solutions to the inefficiencies of traditional cross-border payments (including high fees, long settlement times, and lock of transparency), Ripple will leverage its new DFSA licence in order to accelerate growth and development in the high-potential market. At the same time, Ripple is set to deliver faster, cheaper, and more transparent cross-border transactions in the payment hub, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
In addition, payment utility is also expected to drive optimised stablecoin adoption in the UAE, as stablecoins will offer real-time settlement compared to traditional banking systems, which often take days to process. The DFSA licence adds to Ripple’s list of regulatory approvals across the globe, being set to further strengthen its strategy of bringing the benefits of compliant blockchain technology to financial service companies and their customer base.
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