Ripple, a prominent crypto payments infrastructure provider, has received in-principle license approval from the Dubai Financial Services Authority (DFSA). This approval allows the company to establish a presence in the United Arab Emirates (UAE).
On Oct. 1, Ripple announced that it secured this in-principle license, which is a necessary step toward obtaining a full license in Dubai. Once fully approved, Ripple will offer cross-border payment services for both fiat and digital assets within the Dubai International Financial Center (DIFC), a special economic zone in Dubai.
In its official statement, Ripple said:
“This milestone significantly strengthens Ripple’s global footprint as a regulated entity and enables the introduction of seamless cross-border payment services, including Ripple Payments Direct (RPD), in the UAE.”
To finalize the process, companies in the DIFC, including those in the crypto sector, must meet several obligations, such as securing office space within the zone. Following successful registration, the DIFC will issue a full license to the applicants.
Ripple is aiming to be the first blockchain-enabled payment services provider licensed by the DFSA. The company plans to launch its enterprise-grade digital asset infrastructure in the UAE. Ripple CEO Brad Garlinghouse remarked:
“With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.”
Additionally, Ripple intends to utilize Dubai as a strategic hub to tap into fast-growing crypto markets across the Middle East, Africa, and South Asia.
Salmaan Jaffery, chief business development officer of the DIFC Authority, noted Dubai’s advantageous position as a global hub:
“Dubai’s strategic location and DIFC’s robust legal and regulatory framework, built on two decades of experience, makes this the ideal hub for international businesses looking to make a lasting impact.”
Moreover, Dubai’s digital asset regulator has recently implemented stricter requirements for companies marketing crypto investments, mandating disclaimers on their marketing materials to enhance consumer protection.
