Ripple, the leading provider of digital asset infrastructure, has secured in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC).
This milestone significantly strengthens Rippleās global footprint as a regulated entity and enables the introduction of seamless cross-border payment services, including Ripple Payments Direct (RPD), in the United Arab Emirates (UAE).
With DFSA Authorization, Ripple is set to roll out its enterprise-grade digital asset infrastructure to a broader customer base in the UAE. This expansion is aligned with Rippleās mission of providing businesses with faster, cost-effective and more efficient cross-border payment solutions, by combining robust regulatory compliance with ongoing investments in critical infrastructure components such as liquidity, best-in-class custody and on/off-ramps between fiat and digital assets.
Brad Garlinghouse CEO – Ripple
āBlockchain and crypto technologies are here to stay. With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology. Ripple will be the first blockchain-enabled payment services provider to be licensed by the DFSA, the independent regulator of financial services conducted in or from the DIFC.”
Advancing Financial Services Innovation in the UAE
The in-principle license approval from the DFSA underscores Rippleās strategy to expand its presence in the Middle East, following the establishment of its regional headquarters in Dubai in 2020.
The UAEās regulatory clarity and strategic position as a global financial services and trade hub, with access to fast-growing markets across the Middle East, Africa and South Asia, have been key factors in Rippleās decision to continue investing in the region. The comprehensive regulatory framework established by the DFSA, alongside other regulators in the country, has created an environment where innovative crypto firms can thrive.
Salmaan Jaffery, Chief Business Development Officer of the DIFC Authority, stated that, āAt DIFC, we are committed to fostering a future-focused financial ecosystem that supports innovation and growth. Dubaiās strategic location and DIFCās robust legal and regulatory framework, built on two decades of experience, make this the ideal hub for international businesses looking to make a lasting impact. We are proud to welcome Rippleās continued expansion in the DIFC as they work to drive the growth of blockchain technology in the region.ā
Global Compliance and Innovation
The new in-principleĀ license is part of Rippleās broader strategy to collaborate with regulators and policymakers worldwide to integrate compliant blockchain and crypto technologiesĀ that complementĀ theĀ existingĀ financial system.
Ripple, which holds overĀ 55Ā licenses worldwide,Ā including from the Monetary Authority of Singapore (MAS), the New York Department of Financial Services (NYDFS), and theĀ Central Bank of Ireland (CBI),Ā continues toĀ prioritizeĀ regulatory complianceĀ in order to supportĀ blockchain adoption in financial services.
āThis is a pivotal moment for Rippleās operations in the Middle East. The DFSA is a globally renowned independent regulator with a rigorous regulatory process and we are delighted to have received their in-principal approval. Over 20 percent of Rippleās global customer base is located in the UAE andĀ as we continue to extend our operations and services, we are fulfilling the growing demand for more efficient and cost-effective cross-border payment solutions. We look forward to supporting the UAEās vision to become a leading global crypto and fintech hub by driving the institutional adoption of blockchain technology,ā saidĀ Reece Merrick, Ripple Managing Director, Middle East and Africa.
Expanding its commitment to accelerating crypto and blockchain adoption,Ā Rippleās recently announcedĀ partnership with the DIFC Innovation Hub, part of the companyās global 1B XRP Fund program, strengthens blockchain and digital asset innovation in the UAE by connecting emerging developers with DIFCās extensive innovation network, which includes over 1,000 tech firms, digital labs, and venture capital entities.
Additionally, Ripple has renewed its strategic partnership with NYU Abu Dhabi through theĀ University Blockchain Research Initiative (UBRI), increasing the total funding grant to over $1 million to support NYU Abu Dhabiās research projects and student initiatives. These projects reflect Rippleās ongoing commitment to advancing blockchainĀ research and skills developmentĀ and supporting localĀ financial innovation.
