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Ripple Gains DFSA Approval for Crypto Payments as Legal Challenges with SEC Continue
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Ripple’s recent approval by the Dubai Financial Services Authority (DFSA) marks a significant milestone for the company’s expansion in the Middle East, reinforcing its role in regulated crypto payments.
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With this new license, Ripple aims to enhance its blockchain solutions, supporting efficient cross-border transactions amidst a rapidly evolving fintech landscape.
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As Ripple CEO Brad Garlinghouse noted, “The UAE is exceptionally well-placed to benefit” from the growing cryptocurrency market, underscoring the regulatory advancements within the region.
Ripple has secured DFSA approval to offer regulated crypto payments in Dubai, enhancing its crypto presence and supporting cross-border transactions globally.
Ripple Receives Full Approval from the DFSA
This development follows Ripple’s in-principle financial services approval from the DFSA in October. With its regional headquarters in Dubai since 2020, Ripple continues strengthening its presence in a region known for its regulatory clarity and fintech-friendly environment.
The DFSA license enables Ripple to offer its global payment solutions to businesses in the UAE. This would reinforce its role as a trusted partner for financial institutions looking to leverage blockchain technology for faster and more cost-effective transactions.
“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,” a press release shared with COINOTAG read, citing Ripple CEO Brad Garlinghouse.
Indeed, Dubai has established itself as a global hub for blockchain and fintech innovation. It boasts a $400 billion international trade market. The UAE has seen growing demand from both crypto-native firms and traditional financial (TradFi) institutions looking for solutions to inefficiencies in cross-border payments. These include high fees, slow settlement times, and lack of transparency.