2024-10-2 20:32 |
Ripple has moved one step closer to strengthening its presence in the Middle East after securing an in-principle license from Dubai regulators.
According to an Oct. 1 announcement, the blockchain payments firm secured an in-principle license approval from the Dubai Financial Services Authority (DFSA), marking the completion of the first step before receiving a full operational license.
Once fully approved, Ripple will offer cross-border payment services for both fiat currencies and digital assets within the Dubai International Financial Centre (DIFC), a special economic zone in Dubai.
Ripple aims to become the first blockchain-based payment services provider licensed by the DFSA.
Upon receiving the full license, the company plans to roll out its enterprise-grade digital asset infrastructure across the UAE.
For the company to secure a full license, it must meet various conditions set forth by the DFSA, including securing an office space within the DIFC and opting for local hires.
In the announcement, the firm behind XRP said this milestone goes a long way in strengthening “Ripple’s global footprint as a regulated entity,” and the license will allow residents in Dubai and the broader United Arab Emirates (UAE) to leverage offerings like the Ripple Payments Direct (RPD) to initiate cross border transfers.
Ripple’s CEO, Brad Garlinghouse, praised the UAE’s “forward-thinking” regulatory framework, stating it provides “clear guidance” for companies looking to grow and invest in the region.
He expects the UAE to stand out as a “global leader” when it comes to financial technology.
For Ripple, Dubai will act as a strategic hub for penetrating the rapidly expanding crypto markets across the Middle East, Africa, and South Asia, the announcement noted.
Ripple’s relationship with Dubai has grown over time and the latest approval builds upon its existing presence in Dubai through a partnership with the DIFC Innovation Hub announced in August 2024.
The goal is to provide an environment for companies to build real-world applications using blockchain technology.
This partnership aims to create long-term opportunities for blockchain developers, contributing to Dubai’s growing status as a hub for digital finance.
In another key development, the DIFC approved the use of XRP, Ripple’s native cryptocurrency, in November 2023.
Licensed virtual asset providers in the region were allowed to integrate XRP into their offerings.
Dubai’s approach to crypto regulationsOver the past few years, Dubai has actively regulated the cryptocurrency sector, granting licenses to several major platforms.
OKX, Binance, and Crypto.com have all received full licenses to operate in the region. ByBit, on the other hand, has been granted a provisional license as part of its entry into the market.
Dubai’s regulators have also introduced measures to protect investors. Virtual Asset Service Providers are required to issue risk warnings when marketing cryptocurrency investment products.
These providers must also secure permissions before launching any promotional campaigns.
Further, in September, Dubai introduced its first risk insurance product for digital assets.
This custodial insurance aims to protect holdings from risks such as hacks, internal fraud, and physical damage to storage systems.
This new development is intended to make the region’s crypto sector safer for both businesses and investors alike.
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