Quick take:
- The company already has approval to offer various crypto services in Singapore, Ireland, and multiple U.S. states.
- Overall Ripple has received regulatory approval from over 60 regulatory authorities with the Middle East accounting for 20% of its global customer base.
- The company plans to use its real-time settlement infrastructure to drive stablecoin adoption in the UAE.
Ripple has received a license from the Dubai Financial Services Authority (DFSA) to provide crypto payments and services in the United Arab Emirates. The approval makes Ripple the first blockchain-enabled payments provider licensed by the Authority.
Commenting on the announcement, Brad Garlinghouse, chief executive officer of Ripple, highlighted regulatory clarity as a significant catalyst for the next growth phase of the crypto industry, amid 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,” he said.
The new approval adds to a growing list of jurisdictions where Ripple is licensed to offer various crypto services, including a Major Payments Institution license from the Monetary Authority of Singapore, a New York Department of Financial Services Trust Charter, as well as, a Virtual Asset Service Provider registration from the Central Bank of Ireland, and Money Transmitter Licenses across multiple U.S. states.
According to Ripple, the Middle East accounts for about 20% of its customer base. The company highlighted the region’s increasing demand for crypto services from crypto-native firms and traditional financial institutions as a catalyst for the growth, and believes that if these companies tap into its real-time settlement infrastructure, it could drive stablecoin adoption in the UAE.
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