Enterprise blockchain and cryptocurrency solutions provider Ripple has received approval from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payments and services within the Dubai International Financial Centre (DIFC).
This marks Ripple’s inaugural license in the Middle East and makes them the first blockchain-enabled payments provider licensed by the DFSA, according to the Dubai Media Office. This move underscores the company’s commitment to the region’s regulatory compliance.
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” said Brad Garlinghouse, CEO of Ripple. “Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”
The UAE, a global hub for international finance with a market exceeding $400 billion for international trade, has seen a surge in demand for Ripple’s services. This comes from both crypto-native firms and traditional financial institutions seeking solutions for the inefficiencies of conventional cross-border payments.
According to a 2024 Ripple business survey, 64% of finance leaders in the Middle East and Africa (MEA) identify faster payments and settlement times as a key value proposition for integrating blockchain-based currencies into their cross-border payment operations.
H.E. Arif Amiri, CEO of DIFC Authority, expressed his enthusiasm: “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.”
Ripple has steadily expanded its presence in the region since establishing its Middle East headquarters in DIFC in 2020; approximately 20% of Ripple’s global customer base already operates in the Middle East. This new regulatory approval is expected to further enhance growth and innovation in this high-potential market.
Furthermore, the MEA region demonstrates high levels of institutional readiness for crypto adoption, with over 82% of MEA finance leaders expressing confidence about integrating blockchain solutions into their operations.
“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” noted Reece Merrick, Ripple’s managing director for Middle East and Africa.
The utility of these payment solutions is also expected to drive increased stablecoin adoption in the UAE, providing real-time settlement compared to traditional banking systems. Ripple’s DFSA license adds to its global portfolio of over 60 regulatory approvals worldwide.
