Ripple to Offer Crypto Payments and Services In Dubai
- Business Companies Crypto Regional
Global Business Magazine- 5 minutes read
The Dubai Financial Services Authority (DFSA) on Thursday approved Ripple, the leader in enterprise blockchain and crypto solutions, to provide regulated crypto payments and services in the Dubai International Finance Centre (DIFC).
Ripple’s DFSA license adds to its growing list of over 60 regulatory approvals worldwide, including a Major Payments Institution license from the Monetary Authority of Singapore (MAS), a New York Department of Financial Services (NYDFS) Trust Charter, a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, and Money Transmitter Licenses (MTLs) across various US states.
Ripple will be the first blockchain-enabled payments provider licensed by the DIFC Authority and the DFSA licence is Ripple’s first license in the Middle East underscoring the company’s long-standing commitment to the region and regulatory compliance globally.
The approval makes Ripple’s seamless compliance-first global payments product available for businesses in the UAE, and reinforces Ripple’s role as a trusted partner for financial institutions looking to leverage the superior capabilities of digital assets to drive real-world utility.
Ripple’s CEO Brad Garlinghouse said that they were entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.
The UAE is a global hub for outbound finance, with over $400 billion market for international trade. Ripple has seen increasing demand across the Middle East from crypto-native firms and traditional financial institutions alike, all seeking solutions to the inefficiencies of traditional cross-border payments—such as high fees, long settlement times, and lack of transparency.
Faster Payments
According to a 2024 business survey carried out by Ripple, 64% of Middle East and Africa (MEA) finance leaders see faster payments and settlement times as the biggest value proposition for incorporating blockchain-based currencies into their cross-border payments business.
DIFC Authority CEO Arif Amiri said that Ripple was deepening its commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC.
He said that this milestone not only highlighted their commitment to fostering innovation, but also opened the door for Ripple to tap into new growth opportunities across the region and beyond.
“As the Middle East, Africa and South Asia’s leading global financial centre, DIFC is proud to support forward-thinking companies like Ripple as they shape the future of finance and accelerate the adoption of blockchain technology in the payments industry,” he added.
Since establishing its Middle East headquarters in DIFC in 2020, Ripple has continued to deepen its presence in the region.
With around 20% of its global customer base already operating in the Middle East, this latest regulatory approval positions Ripple to further accelerate growth and innovation in a high-potential market.
The MEA region has one of highest levels of institutional readiness when it comes to crypto adoption, with over 82% of MEA finance leaders stating they are “very or extremely confident” when it comes to integrating blockchain solutions into their business.
Ripple’s Managing Director for MEA Reece Merrick said that Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets.
Securing this DFSA license is a major milestone that will enable them to better serve the growing demand for faster, cheaper and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs, he said.
Payments utility is also expected to drive greater stablecoin adoption in the UAE, with stablecoins offering real time settlement compared to traditional banking systems, which often take days to process. Launched at the end of December on global exchanges, Ripple’s own RLUSD stablecoin has already surpassed $130 million in market cap.
