Ripple Secures DFSA Crypto Payments License in UAE

In the Dubai International Financial Centre (DIFC), Ripple has been authorised by the Dubai Financial Services Authority (DFSA) to offer regulated cryptocurrency services and cryptocurrency payments. Ripple will become the first blockchain-based payments provider to obtain a DFSA licence.

This is Ripple's first licence in the Middle East and underlines the company's enduring commitment to the region and global regulatory compliance.

The approval makes Ripple's compliance-focused global payments product available to businesses in the UAE and reinforces Ripple's role as a trusted partner for financial institutions looking to leverage the superior capabilities of digital assets to create real value.

"The cryptocurrency industry is about to enter a period of unprecedented growth, driven by institutional adoption and increasing regulatory transparency globally," said Brad Garlinghouse, CEO of Ripple.

"The United Arab Emirates are extremely well positioned to take advantage of their leadership in creating an enabling environment for cryptographic and technological innovation."

The 40 Billion Dollar Cross Border Payments Market Pushes Blockchain Adoption

According to the World Bank, the United Arab Emirates boasts a $40 billion cross-border payments market, making it a global hub for international trade and outbound finance.

Ripple is seeing growing demand in the Middle East from both crypto companies and traditional financial institutions looking for solutions to address the inefficiencies of conventional cross-border payments, such as high fees, long settlement times and lack of transparency.

According to Ripple's Business Survey 2024, 64% of financial leaders in the Middle East and Africa (MEA) consider quickness in payments and settlement times as the main advantage in using blockchain-based currencies.

Since 2020, when Ripple opened its office in DIFC, the company has continued to strengthen its presence in the region. With approximately 20 per cent of its global customer base already operating in the Middle East, this latest regulatory approval allows Ripple to further accelerate growth and innovation in a high-potential market.

The MEA region has one of the highest levels of institutional readiness for cryptocurrency adoption: over 82 per cent of MEA financial leaders said they feel very or extremely confident in their ability to incorporate blockchain technology into business operations.

The utility in payments is also expected to drive greater adoption of stablecoins in the United Arab Emirates, as these offer real-time settlement, unlike traditional banking systems that take days to process transactions. Launched on global exchanges in late December, Ripple's native stablecoin, RLUSD, has already surpassed $100 million in market capitalisation.

Ripple Expands Its Global Presence With DFSA Licence

The DFSA licence adds to the growing list of more than 60 regulatory approvals that Ripple has obtained globally, including:

• Main Payment Institution Licence from the Monetary Authority of Singapore (MAS)
• Trust charter issued by the New York Department of Financial Services (NYDFS)
• Registration VASP with the Central Bank of Ireland
• Money Transmission Licenses (MTL) in several US states

While Ripple continues to work with regulators and policymakers around the world, this new milestone further reinforces its mission to bring the benefits of compliant blockchain technology to the financial industry and its customers globally.