According to a recent press release, Ripple, a leading enterprise blockchain and crypto solutions provider, has received regulatory approval from the Dubai International Financial Centre (DIFC) to provide crypto payments and services within the center.

Ripple’s Dubai Financial Services Authority (DFSA) approval marks the platform’s first license in the Middle East. Ripple will also be the first blockchain-enabled payments provider licensed by the DFSA, making its global payments product available to businesses in the UAE.

Brad Garlinghouse, Ripple’s CEO, stated, “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.”

“Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”

Ripple Scores Big in the UAE Market

Industry experts suggest the UAE’s supportive environment for tech and crypto innovation positions it well to benefit from the growing demand for digital assets. The UAE is a global hub for outbound finance, with a market for international trade valued at over $400 billion.

Ripple has reportedly seen increasing demand across the Middle East from crypto and non-crypto firms seeking solutions to the inefficiencies of traditional cross-border payments, such as high transaction costs, prolonged settlement periods, and limited visibility.

According to a 2024 Ripple survey, nearly two-thirds (64%) of Middle East and Africa (MEA) finance leaders identified speedier transaction processing as the primary advantage of adopting blockchain-based currencies for international payments.

The DIFC Authority’s CEO, His Excellency Arif Amiri, expressed his enthusiasm for Ripple’s commitment to Dubai. He stated that the company’s DFSA license highlights the DIFC’s dedication to fostering innovation. He believes this milestone will allow Ripple to tap into new growth opportunities across the region.

Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, also acknowledged the UAE’s and Dubai’s commitment to creating a well-structured and innovative regulatory framework for digital assets. He expressed his gratitude for the support of their partners at DIFC and stated that Ripple is ready to accelerate growth and innovation in the region.

Ripple’s Path to Crypto Dominance

Ripple’s regulatory credentials extend far beyond its DFSA license, with a global portfolio of over 60 approvals, including notable licenses from Singapore, New York, and Ireland.

Last year, the crypto platform announced that the New York Department of Financial Services (NYDFS) might approve Ripple’s new stablecoin, RLUSD.