DFSA Archives

Ripple has received approval from the Dubai Financial Services Authority (DFSA) to provide blockchain-based payment services within the Dubai International Financial Centre (DIFC). The company shared the announcement on March 13, marking its first official license in the Middle East. The regulatory approval strengthens Ripple’s presence in the region and aligns with its focus on compliance and blockchain adoption. CEO Brad Garlinghouse pointed to a period of growth for the crypto industry, citing increasing institutional interest and clearer regulatory frameworks worldwide. He also highlighted the UAE’s proactive stance on crypto regulations, positioning it as a key market for expansion. With the UAE playing a central role in international trade, valued at over $400 billion, Ripple aims to address challenges in cross-border payments, including high fees and slow processing times. A 2024 survey by the company found that 64% of finance leaders in the Middle East and Africa (MEA) see faster settlement times as the main benefit of blockchain payments. DIFC Authority CEO His Excellency Arif Amiri welcomed Ripple’s licensing, calling it an important step for both the company and Dubai’s financial sector. “We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC,” he said. Ripple set up its Middle East headquarters in DIFC in 2020 and has steadily grown its operations. Currently, 20% of its global customers are based in the region. Reece Merrick, Managing Director for the Middle East and Africa, called the DFSA approval a key milestone that will allow Ripple to better serve its expanding client base. With more than 60 regulatory approvals worldwide, including licenses in Singapore, Ireland, and the United States, Ripple continues working toward integrating blockchain technology into financial systems globally.

DFSA

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