Ripple secures license to offer regulated crypto payments in UAE

DUBAI: Ripple, a leading provider of enterprise blockchain and crypto solutions, has obtained regulatory approval from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payments and services in the Dubai International Finance Centre (DIFC). This makes Ripple the first blockchain-enabled payments provider to be licensed by the DFSA.

The approval marks Ripple’s inaugural license in the Middle East and underscores the company’s commitment to the region and global regulatory compliance. The newly granted license enables businesses in the UAE to access Ripple’s global payments product, emphasizing the company’s role as a trusted partner for financial institutions leveraging digital assets.

Brad Garlinghouse, Ripple’s Chief Executive Officer, highlighted the growth opportunities in the crypto industry, driven by regulatory clarity 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,” Garlinghouse said.

The UAE is a significant player in outbound finance, with a market exceeding $400 billion in international trade. Ripple has seen rising demand across the Middle East, with both crypto-native firms and traditional financial institutions seeking solutions to the inefficiencies of conventional cross-border payments.

According to a 2024 survey by Ripple, 64% of finance leaders in the Middle East and Africa (MEA) region view faster payments and settlement times as the key benefit of integrating blockchain-based currencies into their cross-border payment systems.

His Excellency Arif Amiri, CEO of the DIFC Authority, expressed excitement about Ripple’s expanded commitment to Dubai. “This milestone not only highlights our commitment to fostering innovation but also opens the door for Ripple to tap into new growth opportunities across the region and beyond,” Amiri stated.

Ripple established its Middle East headquarters in DIFC in 2020. With around 20% of its global customer base operating in the Middle East, this regulatory approval is set to further accelerate growth and innovation in the region.

Reece Merrick, Ripple’s Managing Director for Middle East and Africa, noted the UAE’s leadership in creating a progressive regulatory framework for digital assets. “Securing this DFSA license is a major milestone that will enable us to better serve the growing demand for faster, cheaper, and more transparent cross-border transactions,” Merrick said.

The approval is expected to drive greater stablecoin adoption in the UAE, with Ripple’s RLUSD stablecoin already surpassing $130 million in market cap since its launch in December.

Ripple’s DFSA license adds to its extensive list of regulatory approvals, including licenses from the Monetary Authority of Singapore, the New York Department of Financial Services, the Central Bank of Ireland, and several U.S. states.

As Ripple continues to collaborate with regulators worldwide, this milestone strengthens its mission to bring compliant blockchain technology benefits to financial services companies and their customers globally.