Ripple has received regulatory approval from the Dubai Financial Services Authority (DFSA), allowing the company to offer cross-border payment solutions in Dubai. This marks Ripple’s first official regulatory approval in the Middle East, granting it access to a financial hub with a $400 billion market turnover.
Ripple CEO Brad Garlinghouse emphasized that the company is entering a new phase of growth amid tightening global crypto regulations. He noted that the UAE is fostering a favorable environment for technological and crypto innovation, making the region an attractive market for expansion.
Arif Amiri, CEO of the Dubai International Financial Centre (DIFC), welcomed the move, stating that Ripple is the first blockchain-based payment service provider in DIFC.
Ripple’s Strategy in the UAE
According to the announcement, DFSA’s license is part of Ripple’s broader strategy to strengthen its presence in Dubai, a city that is actively building a transparent and regulated ecosystem for digital assets.
In 2021, DFSA introduced a regulatory framework for crypto assets, setting clear guidelines for companies operating in the DIFC. Ripple opened its Middle East office in Dubai in 2020 but had been waiting for final approval to launch its payment services in the region. Now, with the newly acquired license, Ripple can officially provide its solutions in DIFC, one of the most progressive financial zones globally.
Regulatory Challenges in the U.S. and the XRP ETF Race
Ripple’s expansion into the UAE coincides with the final stage of its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), which has been ongoing since 2020. In recent months, the SEC has also engaged in disputes with major crypto firms, including MetaMask, Uniswap, Kraken, and Coinbase, increasing expectations that Ripple’s case may soon reach a resolution.
Meanwhile, XRP continues to show strong performance, currently trading at $2.28, reflecting a 2.75% increase over the past 24 hours.
