Ripple secures in-principle approval to expand services in the UAE
Ripple announced the in-principle license from the Dubai Financial Services Authority (DFSA) on Tuesday, Oct. 1.
DFSA’s approval could see Ripple unlock its end-to-end payment services in the UAE as well as boost overall Middle East presence.
Ripple announced on October 1 that the blockchain company has hit another regulatory milestone in the United Arab Emirates.
Specifically, the Dubai Financial Services Authority (DFSA) has granted Ripple an in-principle approval, allowing the company to expand its services and strengthen its presence in the UAE and broader Middle East.
The approval means Ripple can now offer its services across other locations in the country, expanding from the Dubai International Financial Centre (DIFC).
“This is a pivotal moment for Ripple’s 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,” Reece Merrick, Ripple managing director, Middle East and Africa, said in a statement.
According to Merrick, more than 20% of Ripple’s global user base is in the UAE, and the expansion will help bring products and services to a growing number of people and businesses. Among key developments will be Ripple’s offering of its cross-border payment solutions, including the Ripple Payments Direct, or RPD service.
Ripple’s regulatory compliance
The milestone sets Ripple, the company behind the XRP cryptocurrency, on the path to becoming the first blockchain-based payments provider to secure a license from the DFSA.
UAE is the regional MENA and South Asia headquarter for Ripple, which the company established in Dubai in 2020.
But apart from regulatory compliance in the UAE, added to with this new in-principle license, Ripple has a broader traction in this quest. The company has secured over 55 licenses across various jurisdictions across the world, including the New York Department of Financial Services (NYDFS), the Monetary Authority of Singapore (MAS) and the Central Bank of Ireland (CBI).
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