Ripple, a leading crypto payments infrastructure provider, has received in-principle approval for a financial services license from the Dubai Financial Services Authority (DFSA), taking a significant step towards establishing its presence in the United Arab Emirates (UAE). This marks an important milestone as Ripple aims to roll out its cross-border payment services for both fiat and digital assets.
The approval, announced on October 1, brings Ripple closer to securing a full financial services license. Once fully licensed, Ripple will operate within Dubai’s International Financial Center (DIFC), a special economic zone, offering its Ripple Payments Direct (RPD) services in the region. The company’s official statement highlighted how this development strengthens Ripple’s global position as a regulated entity.
Expansion Plans and Strategic Hub
Ripple is positioning itself as the first blockchain-enabled payment provider licensed by the DFSA. CEO Brad Garlinghouse emphasized that Dubai’s progressive regulatory environment and its strategic location will enable Ripple to access emerging markets across the Middle East, Africa, and South Asia.
“Dubai’s forward-thinking regulatory approach makes it the ideal hub for businesses to invest and scale,” Garlinghouse stated. The company plans to use Dubai as a strategic base to expand its enterprise-grade digital asset infrastructure.
Dubai’s Regulatory Framework for Crypto
To operate fully within the DIFC, Ripple and other companies must meet various obligations, such as securing office space in the zone. Dubai has also recently introduced stricter requirements for companies marketing crypto investments. The Virtual Asset Regulatory Authority (VARA) now mandates that all digital asset promotion includes investor warnings, ensuring transparency and responsible service delivery.
Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, underlined Dubai’s ideal position as a global fintech hub, citing its robust legal framework built over two decades. As Ripple moves forward with its licensing process, Dubai is further cementing itself as a leader in financial technology innovation.
