Ripple Secures Dubai License for Crypto Payments
Ripple has gained approval from the Dubai Financial services Authority (DFSA) to offer regulated crypto payment services in the Dubai International Financial Center. This makes Ripple the first blockchain-powered payments company licensed by the DFSA.
The license allows UAE businesses to use Rippleās crypto payment solutions. this will speed up and reduce the cost of cross-border transactions. Ripple has been in the UAE since 2020, wiht its regional headquarters in the DIFC. Around 20% of its global customers are in the Middle East.
The UAES global trade sector,worth over $400 billion,offers a big chance for blockchain-based payment systems. Ripple says 64% of finance leaders in the Middle East and Africa see faster payments as the main benefit of blockchain adoption.
his Excellency Arif Amiri, CEO of the DIFC Authority, welcomed Rippleās expansion. He said Dubai is committed to supporting blockchain innovation.Reece Merrick, Rippleās managing director for the Middle East and Africa, said the DFSA license will help serve businesses needing faster and more transparent payments.
Ripple expects more UAE companies to use stablecoins for instant transactions. As of March 13, Ripple has secured over 60 international licenses, including ones in Singapore, Ireland, and several U.S.states. The company launched RLUSD, whose market cap has grown to over $130 million since December.
Ripple is also making progress in other areas. The Bank of england is testing rippleās Interledger Protocol for faster cross-border payments. In the US, interest in XRP ETFs is rising. Asset managers like Bitwise and Grayscale have filed for XRP ETFs and are waiting for SEC approval.
