On Thursday, Ripple announced that it has received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments and services in the United Arab Emirates (UAE). This milestone positions Ripple as the first blockchain-enabled payments provider licensed by the DFSA, marking a significant moment in the evolution of crypto regulation.
Brad Garlinghouse, the chief executive officer of Ripple, remarked on the occasion, stating, “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.” His comments underscore the momentum building around crypto, particularly in regions that have embraced innovation.
The UAE’s proactive approach towards creating a supportive environment for technological and cryptocurrency advancements is expected to propel its economy further. Ripple has reported an uptick in demand across the Middle East, noting that approximately 20% of its global customer base now operates in this region, which has proven to be fertile ground for both crypto-native firms and traditional financial institutions.
Moreover, the increasing utility of payments is anticipated to drive greater adoption of stablecoins in the UAE. With their ability to facilitate real-time settlements, stablecoins represent a significant opportunity for growth, particularly for Ripple’s RLUSD stablecoin, which currently boasts a market capitalization of $134 million.
Ripple’s DFSA license adds to its impressive portfolio of over 60 regulatory approvals worldwide. These accolades include a Major Payments Institution license from the Monetary Authority of Singapore (MAS), a Trust Charter from the New York Department of Financial Services (NYDFS), a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, and Money Transmitter Licenses (MTLs) in multiple U.S. states.
In a related market development, XRP prices have surged nearly 4% in the past 24 hours, outpacing growth in Bitcoin (BTC) as the long-running court case between Ripple and the SEC appears to be approaching its final settlement stages, further enhancing investor confidence.
