Ripple secures an in-principle license from the Dubai Financial Service Authority (DFSA), making it the first blockchain-based company to be licensed by the regulator.
Through this license, Ripple aims to expand its payments service from the Dubai International Financial Centre (DIFC) into other parts of the United Arab Emirates (UAE) while enhancing its operations in the Middle East.
It is worth noting that the approval officially makes Ripple the first blockchain-based business to be licensed by the DFSA.
Features of the License
According to the announcement, the approval will allow Ripple to launch enterprise-grade digital asset infrastructure to a broader customer base in the UAE. Specifically, the company will introduce its cross-border payment services, including Ripple Payments Direct (RPD), from the DIFC to other parts of the UAE.
Notably, the expansion corresponds with Ripple’s commitment to provide businesses with faster, cost-effective, and more efficient cross-border payment solutions. The San Francisco-based company plans to achieve this goal by integrating regulatory compliance with ongoing investments in relevant areas, like custody and liquidity.
Reacting to the development, Ripple CEO Brad Garlinghouse commended the UAE’s forward-thinking regulatory approach, which has guided businesses looking to invest and expand in the country.
Ripple Expands Its Footprint in UAE
Ripple is not a stranger in the UAE. The company first launched its regional headquarters in Dubai in 2020. Ripple has continued to expand its footprint in the region, specifically within the DIFC.
Last year, Ripple got the DFSA to approve XRP for use within the DIFC, allowing licensed firms to incorporate the token into their businesses.
In August, Ripple partnered with the Innovation Hub of DIFC to foster blockchain adoption in the UAE, thanks to the company’s 1 billion XRP Fund Program. Through this partnership, Ripple connects emerging developers in the region with DIFC’s vast network.
Furthermore, Ripple recently renewed its ties with NYU Abu Dhabi to support blockchain research and other student initiatives.
Ripple Holds 55 Licenses
Meanwhile, following the DFSA in-principle approval, Ripple claims it now holds over 55 regulatory licenses globally.
The company acquired the licenses from New York, Singapore, and Ireland, among others.
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Source: https://thecryptobasic.com/2024/10/01/new-milestone-ripple-becomes-first-blockchain-business-licensed-by-dubais-dfsa/?utm_source=rss&utm_medium=rss&utm_campaign=new-milestone-ripple-becomes-first-blockchain-business-licensed-by-dubais-dfsa